Brent crude was up 0.57% to $70.94 on Wednesday.
The stock recovered after Tuesday's decline, which stemmed partially from Bank of America/Merrill Lynch's downgrade of the energy sector to "market weight."
Must Read: Warren Buffett's 25 Favorite Stocks
The firm made the move after OPEC decided last week not to cut oil production and to keep its target at 30 million barrels per day, a move that could leave the market oversupplied. The announcement sent oil prices spiraling downward.
Bank of America now expects Brent crude oil prices in the range of $70 to $75 for 2015. The firm also expects WTI crude prices to drop to $50 in the next month.
"With the collapse in crude, the sector now trades at a 20% discount to the S&P 500, where it has historically traded in-line with the market, but further estimate cuts are likely to come, [as] prices are falling faster than earnings are deteriorating," the firm said.
Separately, TheStreet Ratings team rates GOODRICH PETROLEUM CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOODRICH PETROLEUM CORP (GDP) a SELL. This is driven by some concerns, 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, generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."