NEW YORK (TheStreet) -- Shares of drilling rig contractor Precision Drilling (PDS) - Get Report were falling 6.5% to $5.61 Friday as oil prices fell following a report from the International Energy Agency.

West Texas crude oil for April delivery was falling 3.7% to $45.29 a barrel Friday morning and Brent crude oil for April delivery was falling 1.8% to $56.06 a barrel.

Oil prices were falling following a monthly IEA report that said U.S. oil inventory growth "shows precious little sign of slowing down. Quite the contrary, it continues to defy expectations." The agency added that the U.S. may run out of empty tanks to store crude oil in soon, according to the Wall Street Journal.

The IEA report said that global oil supply grew by 1.3 million barrels a day year over year to 94 million barrels a day in February, despite lower OPEC output.

TheStreet Ratings team rates PRECISION DRILLING CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate PRECISION DRILLING CORP (PDS) 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 revenue growth, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income."

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

• Despite its growing revenue, the company underperformed as compared with the industry average of 14.6%. Since the same quarter one year prior, revenues slightly increased by 9.1%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
• Net operating cash flow has increased to $134.89 million or 42.81% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of 3.92%.
• PDS's debt-to-equity ratio of 0.76 is somewhat low overall, but it is high when compared to the industry average, implying that the management of the debt levels should be evaluated further.
• PRECISION DRILLING 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 suffered a declining pattern earnings per share over the past two years. During the past fiscal year, PRECISION DRILLING CORP reported lower earnings of $0.12 versus $0.67 in the prior year.
• 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 267.9% when compared to the same quarter one year ago, falling from $67.92 million to -$114.04 million.
• You can view the full analysis from the report here: PDS Ratings Report