Ensco (ESV) Stock Slides as Oil Glut Weighs on Prices
NEW YORK (TheStreet) -- Shares of Ensco (ESV) are falling 4.68% to $10.30 this afternoon as oil prices tumble.
Crude oil (WTI) is down 4% to $44.93 per barrel this afternoon while Brent crude falls 4.25% to $46.41 per barrel.
Oil prices began to fall today after modest gains in the previous trading session.
The U.S. government reported a lower-than-expected crude inventory draw today, adding to global concerns that a crude oil glut is weighing down the oil market.
The International Energy Agency said this glut is "threatening market recovery," CNBC reports.
Ensco is a London-based offshore contract drilling company.
Separately, TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: ESV
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.