WPX Energy (WPX) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of WPX Energy (NYSE:WPX) from a hold rating to a buy rating in a report published on Monday. The firm currently has $21.00 price objective on the oil and gas producer’s stock.

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 topic of a number of other reports. Bank of America increased their price target on WPX Energy from $27.00 to $28.00 and gave the stock a buy rating in a research report on Thursday, August 2nd. Jefferies Financial Group assumed coverage on WPX Energy in a research report on Friday, September 28th. They set a buy rating and a $28.00 price target on the stock. ValuEngine upgraded WPX Energy from a hold rating to a buy rating in a research report on Tuesday, September 4th. Seaport Global Securities set a $28.00 price target on WPX Energy and gave the stock a buy rating in a research 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 research report on Thursday, September 27th. Two analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $22.88.

NYSE WPX opened at $18.25 on Monday. WPX Energy has a one year low of $9.90 and a one year high of $20.80. The company has a quick ratio of 0.55, a current ratio of 0.58 and a debt-to-equity ratio of 0.58.

WPX Energy (NYSE:WPX) last released its quarterly earnings results on Wednesday, August 1st. The oil and gas producer reported $0.06 EPS for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.04. The business had revenue of $430.00 million for the quarter, compared to analyst estimates of $432.92 million. WPX Energy had a negative return on equity of 0.97% and a negative net margin of 30.02%. WPX Energy’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 EPS. On average, sell-side analysts expect that WPX Energy will post 0.21 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Cornerstone Wealth Management LLC bought a new position in shares of WPX Energy in the 2nd quarter worth $206,000. Qube Research & Technologies Ltd bought a new position in shares of WPX Energy in the 2nd quarter worth $108,000. Hartford Financial Management Inc. bought a new position in shares of WPX Energy in the 2nd quarter worth $108,000. SeaBridge Investment Advisors LLC bought a new position in shares of WPX Energy in the 2nd quarter worth $177,000. Finally, Usca Ria LLC bought a new position in shares of WPX Energy in the 2nd quarter worth $186,000. Hedge funds and other institutional investors own 93.71% of the company’s stock.

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.

Further Reading: Retained Earnings

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