NEW YORK (TheStreet) -- Shares of Devon Energy Corp. (DVN) - Get Report are up by 0.85% to $19.07 in midday trading on Wednesday, as some energy and related stocks move into the green as oil prices begin to reverse today's earlier losses.
Oil prices climbed this afternoon on technical trading and mixed demand data out of the U.S., Reuters reports. Earlier the commodity plummeted following negative comments from Saudi Oil Minister Ali al-Naimi.
Crude oil (WTI) is unchanged at $31.87 per barrel and Brent crude is gaining by 2.74% to $34.18 per barrel.
The Oil Minister said on Tuesday that production cuts will not happen, but more countries will join a deal to freeze production.
"Al-Naimi's remarks punctured an oil-price rally that has lacked substance," David Hufton of broker PVM told Reuters. "The market correctly interpreted the presentation as bearish."
Oil parred losses after government data showed a smaller build in U.S. crude supplies and strong demand for gasoline.
Devon Energy is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids.
Separately, TheStreet Ratings has set a "sell" rating and a score of D on Devon Energy stock. This is driven by multiple weaknesses, which TheStreet Ratings believes 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 it covers.
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.
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.
You can view the full analysis from the report here: DVN