Zacks Investment Research cut shares of WPX Energy (NYSE:WPX) from a buy rating to a hold rating in a research note published on Friday.
According to Zacks, “Shares of WPX Energy have outperformed its industry in the past 12 months. We believe WPX Energy’s exposure in the Delaware and Williston basins will enable it to achieve the goal of higher oil generation in 2018. WPX Energy has transformed itself from a natural gas-focused company to an oil-focused one. The company has been able to do so through nearly $8 billion of transactions. WPX Energy is building up a strong portfolio of assets which will continue to boost its oil production and allow it to gain from improving commodity prices. However, the competitive energy space, stringent regulations and dependence on third parties to market their products are the headwinds.”
WPX has been the subject of several other research reports. Bank of America raised their price target on shares of WPX Energy from $27.00 to $28.00 and gave the stock a buy rating in a report on Thursday, August 2nd. Jefferies Financial Group assumed coverage on shares of WPX Energy in a report on Friday, September 28th. They set a buy rating and a $28.00 price target for the company. ValuEngine upgraded shares of WPX Energy from a hold rating to a buy rating in a report on Tuesday, September 4th. Seaport Global Securities set a $28.00 price target on shares of WPX Energy and gave the stock a buy rating in a report on Wednesday, October 3rd. Finally, Scotiabank restated a buy rating and set a $26.00 price target on shares of WPX Energy in a report on Thursday, September 27th. Two research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $22.58.
Shares of NYSE WPX opened at $20.32 on Friday. The company has a market capitalization of $8.45 billion, a P/E ratio of -48.38 and a beta of 2.33. WPX Energy has a 1 year low of $9.90 and a 1 year high of $20.80. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.58 and a quick ratio of 0.55.
WPX Energy (NYSE:WPX) last issued its quarterly earnings data on Wednesday, August 1st. The oil and gas producer reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04. WPX Energy had a negative net margin of 30.02% and a negative return on equity of 0.97%. The business had revenue of $430.00 million during the quarter, compared to analyst estimates of $432.92 million. During the same quarter last year, the business earned $0.18 EPS. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. Analysts forecast that WPX Energy will post 0.2 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in the company. Energy Opportunities Capital Management LLC grew its position in shares of WPX Energy by 23.0% during the 2nd quarter. Energy Opportunities Capital Management LLC now owns 164,750 shares of the oil and gas producer’s stock worth $2,970,000 after buying an additional 30,825 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of WPX Energy during the 2nd quarter worth approximately $327,000. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its position in shares of WPX Energy by 18.6% during the 2nd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 19,864 shares of the oil and gas producer’s stock worth $358,000 after buying an additional 3,111 shares during the period. Verition Fund Management LLC acquired a new stake in shares of WPX Energy during the 2nd quarter worth approximately $2,169,000. Finally, Castleark Management LLC grew its position in shares of WPX Energy by 186.9% during the 2nd quarter. Castleark Management LLC now owns 547,100 shares of the oil and gas producer’s stock worth $9,864,000 after buying an additional 356,400 shares during the period. 93.74% of the stock is owned by institutional investors.
WPX Energy Company Profile
WPX Energy, Inc, an independent oil and natural gas exploration and production company, engages in the exploitation and development of unconventional properties in the United States. The company's principal areas of operation include the Delaware Basin in Texas and New Mexico; the Williston Basin in North Dakota; and the San Juan Basin in New Mexico and Colorado.
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