NEW YORK (TheStreet) -- WPX Energy (WPX) shares are up 13% to $23.47 on Wednesday after the company reported a surge in second quarter oil production and upped its full year oil production growth guidance.
The independent oil and natural gas producer increased its full year production growth guidance to 55% from 40% over the previous year.
The company reported adjusted income of 6 cents per diluted share during the period, 12 cents better than analysts were anticipating, as the company increased quarterly domestic oil revenues by 60% over the previous year.
TheStreet Ratings team rates WPX ENERGY INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WPX ENERGY INC (WPX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income and good cash flow from operations. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."