Devon Energy (DVN) Stock Jumps After Oil Prices Increase
NEW YORK (TheStreet) -- Devon Energy (DVN) - Get Report stock is gaining 2.07% to $34.49 in afternoon trading on Tuesday after Canadian crude output concerns drove oil prices higher.
WTI crude is rising 1.68% to $48.52 per barrel on the New York Mercantile Exchange, while Brent crude is increasing 0.94% to $49.43 per barrel on the Intercontinental Exchange.
A wildfire in the Alberta oil sands region forced Canadian energy companies to evacuate about 4,000 people from work camps, Reuters reports.
Additionally, analysts surveyed by Reuters are estimating U.S. crude stockpiles fell by 3.2 million barrels last week. The Energy Information Administration will release the weekly petroleum report on Wednesday morning.
Oil prices are not expected to rally because of the expected boost in crude production in Libya and Nigeria, Reuters added.
Oklahoma City-based Devon Energy is an oil and natural gas production and exploration company.
Separately, Devon Energy has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's disappointing return on equity, weak operating cash flow, generally disappointing stock performance and generally high debt management risk.
You can view the full analysis from the report here: DVN
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 article's author.
