NEW YORK (TheStreet) -- Shares of Encana Corp. (ECA) are down 4.59% to $13.50 as crude oil fell, extending a fourth weekly decline on concern OPEC's refusal to cut production will worsen a global glut, Bloomberg reports.
Saudi Oil Minister Ali Al-Naimi said OPEC's biggest producer will seek to maintain market share, according to Bloomberg.
Additionally, Iraq plans to boost its production next year, Oil Minister Adel Abdul Mahdi said.
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On the New York Mercantile Exchange, West Texas Intermediate for February delivery fell 1.93% a barrel to $56.03 at 10:09 a.m. in New York. February Brent crude was down by 1.19% to $60.65.
Separately, the Canada-based energy producer said last week it would increase spending to a range of $2.7 billion to $2.9 billion in 2015 from a range of $2.5 billion to $2.6 billion in 2014. Encana made the announcement despite decreasing its outlook for oil prices and cash flow.
TheStreet Ratings team rates ENCANA CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENCANA CORP (ECA) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow."