NEW YORK (TheStreet) -- Total (TOT) - Get Report stock closed down 1.52% to $44.90 on heavy trading volume on Monday after oil prices tumbled on a strong dollar and continued uncertainty surrounding Brexit.
WTI crude is falling 1.91% to $46.73 per barrel on the New York Mercantile Exchange, while Brent crude is declining 1.65% to $47.61 per barrel on the Intercontinental Exchange this afternoon.
Crude was pressured by the stronger dollar that makes the commodity more expensive to hold abroad as well as the U.K.'s decision to leave the European Union, Reuters reports.
Additionally, Total, a French oil and gas company, signed an agreement with state-owned Qatar Petroleum to create a joint venture to operate the largest offshore oilfield in Qatar.
Total gained a 30% stake in the operation, while Qatar Petroleum will hold the remaining 70% in the Al-Shaheen field, which produces 300,000 barrels of oil a day.
"This agreement is in line with Total's strategy to reinforce its presence in the Middle East, in particular by accessing giant fields and by complementing its portfolio with low-technical cost oil assets," Total CEO Patrick Pouyanné said in a statement.
By the end of the trading day, 6.79 million shares of Total had been traded, compared with its average daily volume of 1.96 million shares.
Separately, Total has a "hold" rating and a letter grade of C+ at TheStreet Ratings because of the company's attractive valuation levels, notable return on equity and largely solid financial position with reasonable debt levels by most measures, which offsets weak operating cash flow and poor profit margins.
You can view the full analysis from the report here: TOT
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.