NEW YORK (TheStreet) -- Shares of Chesapeake Energy (CHK) - Get Report were declining in late-afternoon trading on Friday as oil prices slumped on a Bloomberg report that Saudi Arabia won't agree to cut production at next week's meeting in Algiers.
Crude oil (WTI) was recently down 3.15% to $44.86 per barrel while Brent crude was retreating 3.04% to $46.20 per barrel.
"Oil is tanking and it's the Saudi headlines that are responsible for the move," Bob Yawger, director of the futures division at Mizuho Securities, told Bloomberg.
Additionally, U.S. oil rigs increased by 2 to 418 total this week, according to data from Baker Hughes (BHI).
Chesapeake Energy is an Oklahoma City-based natural gas and oil producer.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of E+.
Chesapeake's weaknesses include its weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: CHK
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 article's author.