NEW YORK (TheStreet) -- Shares of Goodrich Petroleum Corp. (GDP) - Get Report are down by 1.01% to $2.95 in mid-morning trading on Tuesday, as the independent oil and natural gas company and others within its sector take a hit due to the slump in the price of oil.

Crude oil (WTI) is lower by 1.42% to $49.29 per barrel and Brent crude is retreating by 2.82% to $56.88 per barrel this morning, according to the index provided by CNBC.com.

Oil is being driven into the red today on concerns that global crude supplies will continue to grow now that the winter weather is starting to abate, the Wall Street Journal reports.

Demand for heating oil in February saw prices stabilize as parts of the U.S. were slammed by large snow storms and freezing temperatures.

With issues regarding the weather starting to disappear and refineries across the world closing for seasonal maintenance demand for crude oil will fall, the Journal noted.

"Most of the supportive factors for Brent are starting to fade. We expect prices to fall in the coming weeks," Energy Aspects said in a note issued on Monday, the Journal added.

Additionally, Goodrich Petroleum closed its previously announced public offering of 12 million shares of common stock today. The shares were prices at $4.15 per share and gross proceeds totaled $49.8 million.

Separately, TheStreet Ratings team rates GOODRICH PETROLEUM CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate GOODRICH PETROLEUM CORP (GDP) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."

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

• The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Oil, Gas & Consumable Fuels industry. The net income has significantly decreased by 861.2% when compared to the same quarter one year ago, falling from -$23.50 million to -$225.83 million.
• Net operating cash flow has decreased to $26.56 million or 13.09% when compared to the same quarter last year. In conjunction, when comparing current results to the industry average, GOODRICH PETROLEUM CORP has marginally lower results.
• Despite any intermediate fluctuations, we have only bad news to report on this stock's performance over the last year: it has tumbled by 73.78%, worse than the S&P 500's performance. Consistent with the plunge in the stock price, the company's earnings per share are down 616.43% compared to the year-earlier quarter. Naturally, the overall market trend is bound to be a significant factor. However, in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.
• GOODRICH PETROLEUM CORP has experienced a steep decline in earnings per share in the most recent quarter in comparison to its performance from the same quarter a year ago. The company has reported a trend of declining earnings per share over the past two years. However, the consensus estimate suggests that this trend should reverse in the coming year. During the past fiscal year, GOODRICH PETROLEUM CORP reported poor results of -$8.60 versus -$2.99 in the prior year. This year, the market expects an improvement in earnings (-$1.79 versus -$8.60).
• Despite the weak revenue results, GDP has outperformed against the industry average of 19.8%. Since the same quarter one year prior, revenues slightly dropped by 4.0%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
• You can view the full analysis from the report here: GDP Ratings Report