NEW YORK (TheStreet) --Shares of WPX Energy (WPX) - Get Report are higher by 9.64% to $5.23 in midday trading on Thursday afternoon, as the rally in the price of gold drives some energy and related stocks into the green today.
The commodity gained earlier today on the hope that Russia and OPEC would agree to cut production, Reuters reports.
Russian Energy Minister Alexander Novak had suggested that Saudi Arabia proposed a reduction in output by oil producing countries, Reuters added. This would be the first global deal in more than 10 years to help clean up the oil glut.
There is some doubt over the deal as many reports have suggested that OPEC delegates have yet to hear of any such plans and that Saudi Arabia hasn't proposed any cuts.
Crude oil (WTI) is advancing by 3.34% to $33.39 per barrel this afternoon and Brent crude is rising by 2.69% to $33.99 per barrel.
WPX Energy is a Tulsa-based natural gas and oil exploration and production company.
Separately, TheStreet Ratings has set a "sell" rating and score of D+ on WPX Energy stock. This is driven by a few notable 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 unimpressive growth in net income, generally high debt management risk, weak operating cash flow, 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: WPX