Crude oil (WTI) is down by 0.48% to $39.60 per barrel this afternoon and Brent crude is rising by 0.15% to $40.53 per barrel.
Oil prices began to shake off today's losses after data from Baker Hughes (BHI) showed that oil rig count declined last week.
The total number of rigs operating in the U.S. fell by 15 last week, the biggest slide in two days since the middle of February, Reuters reports.
Earlier today oil prices fell as Wednesday's selloff was extended following U.S. stockpile data, which has investors focused once again on the continuing oversupply of oil.
The Department of Energy issued a report showing crude stocks had jumped by 9.4 million barrels last week, this is three times as high as analysts surveyed by the Wall Street Journal has expected. U.S. production is still over 9 million barrels per day.
Devon Energy is an Oklahoma City-based independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate DEVON ENERGY CORP as a Sell with a ratings score of D. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: DVN