Crude oil (WTI) is down by 0.08% to $39.43 per barrel this afternoon and Brent crude is retreating by 0.37% to $40.29 per barrel.
Oil prices are dropping due to concerns about the global oversupply of oil, which has weighed on prices during the last year, Reuters reports. Some analysts expect the oversupply to continue during the first half of 2016, according to Reuters.
"The price of oil could fall back to the low $30s," Barclays said in a note.
Based in Oklahoma City, Devon Energy is an energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids.
Separately, 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