NEW YORK (TheStreet) --Shares of Oasis Petroleum Inc. (OAS) are gaining by 2.51% to $17.12 in late afternoon trading on Friday, as oil prices rally above 4% due to the latest weekly decline in the U.S. oil rig count.
Crude oil (WTI) is rising by 4.42% to $60.23 per barrel and Brent crude is soaring by 4.59% to $65.49 per barrel this afternoon, according to the CNBC.com index.
Another 13 rigs were pulled from U.S. oil fields, Reuters reports. This is the 25th straight weekly drop and the biggest rig decline in four weeks.
The total rig count now stands at 646, its lowest level since August 2010, Reuters added.
Oasis Petroleum is an exploration and production company based in Houston, TX.
Other energy stocks rising this afternoon include Triangle Petroleum (TPLM), up by 2.81% to $5.13, Newfield Exploration (NFX), higher by 2.50% to $37.71, and Whiting Petroleum (WLL), rising by 1.85% to $32.96.
Separately, TheStreet Ratings team rates OASIS PETROLEUM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OASIS PETROLEUM INC (OAS) 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 reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."