WTI crude oil for August delivery was down 1.2% to $58.96 a barrel Friday morning, and Brent crude oil for August delivery was down 0.9% to $62.65 a barrel.
Oil prices were falling Friday as investors wait for the outcome of Iranian nuclear talks, according to Reuters. A nuclear deal with the country could lead to an increase in crude exports from the country while the market is already over-supplied with crude oil.
Stalled talks between Greece and its creditors are also contributing to the lower oil prices.
Encana is a Calgary, Alberta-based company that produces, transports, and markets oil, natural gas, and natural gas liquids.
TheStreet Ratings team rates ENCANA CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENCANA CORP (ECA) 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 largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself."