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Devon Energy (DVN) Stock Slumping as Oil Prices Decline

NEW YORK (TheStreet) -- Shares of Devon Energy (DVN - Get Report) are down by 4.96% to $43.88 in midday trading on Wednesday, as some energy and related stocks take a hit from the decline in oil prices today.

Devon Energy is an Oklahoma City-based independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids.

Oil prices are on the decline as U.S. crude stockpiles surged last week.

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Crude oil (WTI) is slipping by 2.42% to $45.17 per barrel this afternoon and Brent crude is lower by 1.72% to $47.87 per barrel according to the index.

Domestic inventories grew by 8 million barrels for the week ended October 16, the Energy Information Administration announced. Analysts surveyed by the Wall Street Journal had expected a gain of only 3.5 million barrels.

Separately, TheStreet Ratings team rates DEVON ENERGY CORP as a Sell with a ratings score of D+. TheStreet Ratings Team...