NEW YORK (TheStreet) -- Shares of Noble Corp. (NE) - Get Reportare sliding, lower by 4.71% to $13.54 in late morning trading Friday, as Brent crude falls below $57 a barrel following a warning by the International Energy Agency this morning.

The IEA said that a global oil glut is building, while oil production in the U.S. shows it's not slowing down, Reuters reports.

In the agency's monthly report, it says that the U.S. could soon run out of empty tanks to store crude oil, which would add more downward pressure on prices, Reuters added.

Brent crude for April delivery was trading lower by 1.28% to $56.35 a barrel as of 10:36 a.m. ET today, while WTI crude for April delivery is also down 3.08% to $45.60 a barrel.

Early last month, the IEA cautioned that oil prices may decline as stocks continue to increase in 2015, Reuters reported.

The IEA said oil stocks held by countries in the Organization for Economic Cooperation and Development may near an all-time high of 2.83 billion barrels in the middle of this year, Reuters noted.

Noble Corp. is a British company, operating as a major contract driller of oil and natural gas wells, with its focus largely on ultra-deepwater and high-specification jack-up drilling opportunities.

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

"We rate NOBLE CORP PLC (NE) a SELL. This is driven by a few notable 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, disappointing return on equity, 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 Energy Equipment & Services industry. The net income has significantly decreased by 450.9% when compared to the same quarter one year ago, falling from $173.70 million to -$609.57 million.
• Current return on equity is lower than its ROE from the same quarter one year prior. This is a clear sign of weakness within the company. Compared to other companies in the Energy Equipment & Services industry and the overall market, NOBLE CORP PLC's return on equity significantly trails that of both the industry average and the S&P 500.
• Net operating cash flow has decreased to $389.91 million or 27.88% when compared to the same quarter last year. In addition, when comparing the cash generation rate to the industry average, the firm's growth is significantly lower.
• Despite any intermediate fluctuations, we have only bad news to report on this stock's performance over the last year: it has tumbled by 42.46%, worse than the S&P 500's performance. Consistent with the plunge in the stock price, the company's earnings per share are down 525.00% 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.
• NOBLE CORP PLC 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, NOBLE CORP PLC swung to a loss, reporting -$0.67 versus $1.86 in the prior year. This year, the market expects an improvement in earnings ($2.15 versus -$0.67).
• You can view the full analysis from the report here: NE Ratings Report