Crude oil (WTI) is declining by 2.16% to $39.33 per barrel and Brent crude is dropping by 0.19% to $41.46 per barrel this afternoon, according to the CNBC.com index.
Oil prices fell on Friday after Baker Hughes (BHI) reported that U.S. oil rigs rose by one during the last week, Reuters reports.
"The rig count and crude prices have a direct relationship for sure," Pete Donovan, broker at Liquidity Energy, told Reuters.
Based in Canada, Encana is an exploration and production company focused on natural gas, oil, and natural gas liquids in Canada and the U.S.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.
You can view the full analysis from the report here: ECA