On Wednesday, the Energy Information Administration said U.S. crude stockpiles rose by 2.3 million barrels last week to a total of 534.8 million barrels, lower than analysts forecasts of a 3.3 million-barrel build.
Crude oil (WTI) is gaining by 0.81% to $38.63 per barrel and Brent crude is rising by 1.07% to $39.68 per barrel.
While oil is getting some support as investors look ahead to the April 17 meeting in Qatar between OPEC and non-OPEC members, there are concerns that discussions will not raise oil prices and ease the ongoing supply glut.
Based in Calgary, Canada, 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