NEW YORK (TheStreet) -- Chevron Corp. (CVX) - Get Report shares are up 2.28% to $107.14 in trading on Friday after industry analysts at Baker Hughes (BHI) reported that the U.S. rig count fell by 56 to 1,069 last week.

Industry standard Brent crude for April delivery is up 0.83% to $54.88 per barrel while West Texas crude is also rallying, up 3.91% to 45.68.

Crude on the New York Mercantile Exchange reached six year lows earlier this week before rallying Wednesday after the Fed said that it was unlikely to raise interest rates in April which sent the dollar tumbling and oil prices in turn climbing.

The ICE U.S. Dollar Index declined about 2% this week, including 1.1% today as investors were more confident that the Federal Reserve would not raise interest rates above 0% where the central bank has kept it since the recession of 2008.

Separately, TheStreet Ratings team rates CHEVRON CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CHEVRON CORP (CVX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, disappointing return on equity and weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• CVX's debt-to-equity ratio is very low at 0.18 and is currently below that of the industry average, implying that there has been very successful management of debt levels. Although the company had a strong debt-to-equity ratio, its quick ratio of 0.94 is somewhat weak and could be cause for future problems.
• CVX, with its decline in revenue, slightly underperformed the industry average of 19.6%. Since the same quarter one year prior, revenues fell by 22.6%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
• The company's current return on equity has slightly decreased from the same quarter one year prior. This implies a minor weakness in the organization. In comparison to the other companies in the Oil, Gas & Consumable Fuels industry and the overall market, CHEVRON CORP's return on equity is significantly below that of the industry average and is below that of the S&P 500.
• CHEVRON CORP's earnings per share declined by 28.0% in the most recent quarter compared to the same quarter a year ago. Earnings per share have declined over the last two years. We anticipate that this should continue in the coming year. During the past fiscal year, CHEVRON CORP reported lower earnings of $10.14 versus $11.09 in the prior year. For the next year, the market is expecting a contraction of 63.7% in earnings ($3.68 versus $10.14).
• You can view the full analysis from the report here: CVX Ratings Report

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