NEW YORK (TheStreet) -- Shares of Chevron (CVX) - Get Report were lower in early-afternoon trading on Friday as oil prices declined on reports that Saudi Arabia won't make a decision about stemming output at next week's meeting in Algiers.
The kingdom doesn't expect to reach a decision about halting production, sources told Bloomberg.
Crude oil (WTI) was recently down 2.98% to $44.94 per barrel, while Brent crude was declining 2.54% to $46.44 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.
Chevron is a San Ramon, CA-based oil and gas producer.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
Chevron's strengths such as its solid stock price performance and largely solid financial position with reasonable debt levels by most measures are countered by weaknesses including feeble growth in the company's earnings per share, deteriorating net income and poor profit margins.
You can view the full analysis from the report here: CVX
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.