NEW YORK (TheStreet) -- Shares of EXCO Resources (XCO) were stalling, down 9.6% to $1.60 on heavy volume in afternoon trading Wednesday, as oil prices decline following the release of data by the U.S. Energy Information Administration, according to Reuters.
Government data showed U.S. crude stockpiles dropped for a seventh consecutive week, but gasoline stocks and distillate inventories increased.
EIA data showed that U.S. gasoline inventories rose unexpectedly and stocks at Cushing increased for the first time since April.
Investors were expecting gasoline stocks to drop due to the strong demand ahead of the summer driving season, Reuters noted.
Brent crude for August delivery was lower by 1.02% to $63.05 a barrel as of 12:43 p.m. ET, while WTI crude for July delivery was down 1.08% to $59.32 a barrel today.
About 3.12 million shares have changed hands as of 12:52 p.m. ET today, compared to its average trading volume of about 2.56 million shares a day.
Dallas, Texas-based EXCO Resources is an independent oil and natural gas company engaged in the exploration, exploitation, development and production of onshore oil and natural gas properties with a focus on shale resource plays.
Separately, TheStreet Ratings team rates EXCO RESOURCES INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXCO RESOURCES INC (XCO) a SELL. This is driven by several weaknesses, 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, weak operating cash flow and generally disappointing historical performance in the stock itself."