WPX Energy (WPX) Raised to Buy at Zacks Investment Research

WPX Energy (NYSE:WPX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Sunday. The firm presently has a $16.00 price objective on the oil and gas producer’s stock. Zacks Investment Research‘s price target suggests a potential upside of 7.45% from the company’s previous close.

According to Zacks, “Shares of WPX Energy have gained higher than the industry in last six months. The company continues to work on its strategy of increasing oil production, which is evident from the rising liquid mix in total production. Liquids accounted for 69.7% of total production in the third quarter. Production from the Delaware Basin increased substantially during the quarter with the help of assets the company acquired during the first quarter. We believe WPX Energy's exposure in the Delaware, Williston and San Juan basins will enable it achieve its new goal of higher oil generation in 2018. However, the competitive energy space, volatility in crude oil prices, stringent regulations and dependence on third parties to market their products are the headwinds. “

Other equities analysts also recently issued research reports about the company. Robert W. Baird lifted their price objective on WPX Energy from $15.00 to $17.00 and gave the company an “outperform” rating in a research report on Monday, December 18th. Bank of America began coverage on WPX Energy in a research report on Monday, October 16th. They issued a “buy” rating for the company. BMO Capital Markets set a $14.00 price objective on WPX Energy and gave the company a “buy” rating in a research report on Tuesday, October 10th. Credit Suisse Group began coverage on WPX Energy in a research report on Monday, December 11th. They issued an “outperform” rating and a $15.00 price objective for the company. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $17.00 price objective on shares of WPX Energy in a research report on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $16.55.

WPX Energy (NYSE:WPX) opened at $14.89 on Friday. The company has a current ratio of 1.02, a quick ratio of 0.95 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $5,930.00, a P/E ratio of -30.39, a P/E/G ratio of 9.26 and a beta of 2.46. WPX Energy has a 52-week low of $8.39 and a 52-week high of $15.17.

WPX Energy (NYSE:WPX) last posted its earnings results on Wednesday, November 1st. The oil and gas producer reported ($0.10) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.02. WPX Energy had a negative return on equity of 5.20% and a negative net margin of 12.65%. The business had revenue of $224.00 million during the quarter, compared to the consensus estimate of $334.38 million. During the same quarter last year, the company earned ($0.17) EPS. WPX Energy’s revenue was down 10.8% on a year-over-year basis. analysts forecast that WPX Energy will post -0.46 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. Schroder Investment Management Group raised its position in shares of WPX Energy by 31.1% during the third quarter. Schroder Investment Management Group now owns 1,927,805 shares of the oil and gas producer’s stock worth $22,131,000 after acquiring an additional 457,260 shares during the last quarter. Gagnon Securities LLC raised its position in shares of WPX Energy by 23.8% during the third quarter. Gagnon Securities LLC now owns 801,028 shares of the oil and gas producer’s stock worth $9,212,000 after acquiring an additional 153,913 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of WPX Energy during the third quarter worth $544,000. Commonwealth Equity Services Inc acquired a new stake in shares of WPX Energy during the third quarter worth $137,000. Finally, Ninepoint Partners LP acquired a new stake in shares of WPX Energy during the third quarter worth $13,512,000. Institutional investors own 99.78% of the company’s stock.

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About WPX Energy

WPX Energy, Inc is an oil and natural gas exploration and production company. The Company is engaged in the exploitation and development of unconventional properties. It operates in the exploration and production segment of the oil and gas industry and its operations are conducted in the United States.

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