The commodity is trading in the red as big banks have cut their outlook for oil and see prices recovering more slowly than previously expected, the Wall Street Journal reports.
Also pressuring prices is the 3.5 million barrels gain in U.S. crude inventory last week, data from the Energy Information Administration showed.
A Wall Street Journal survey of 13 investment banks forecasts that Brent crude will average $39 a barrel this year, $11 below the results of a survey conducted in January. The banks are seeing West Texas Intermediate averaging $38 per barrel, also an $11 decline from the January survey.
WPX Energy is a Tulsa, OK-based independent natural gas and oil exploration and production company engaged in the exploitation and development of unconventional properties.
Separately, TheStreet Ratings has set a "sell" rating and a score of D+ on WPX Energy stock. This is driven by a number of negative factors, 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