NEW YORK (TheStreet) -- Encana Corp. (ECA) shares are slipping 1.18% to $5.87 Monday afternoon as oil prices fell on expectations that the meeting among OPEC and non-OPEC members on April 17 in Doha, Qatar won't help with the ongoing supply glut.
"There's a growing realization that the meeting in Doha is not going to be effective," Thomas Finlon, director of Energy Analytics Group LLC told Bloomberg.
Crude oil (WTI) is dropping 0.48% to $39.27 per barrel and Brent crude is sliding 0.79% to $40.12 per barrel.
Putting more pressure on oil futures was European markets observing the Easter break, Reuters reports.
Based in Calgary, Encana engages in the development, exploration, production, and marketing of natural gas, oil, and natural gas liquids in Canada and the U.S.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
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' author.
You can view the full analysis from the report here: ECA