NEW YORK (TheStreet) -- Shares of Newfield Exploration Co. (NFX) are lower by -5.53% to $39.64 in early afternoon trading on Monday, as Brent crude prices drop below $100 for the first time in 14 months, Reuters reports.
In June, oil prices hit a high for the year above $115, but weak economic growth and a broad supply drove oil prices lower.
Saudi Arabia and other OPEC producers stated that they like to see oil prices remain over $100, as numbers below that figure will put pressure on exporters' budgets, and result in some producers pumping less as they attempt to aid the market, Reuters added.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Other oil and energy company stocks falling as a result include: Chesapeake Energy Corp. (CHK) . down -2.64% to $24.48, EXCO Resources Inc. (XCO) , lower by -2.41% to $4.46, and Goodrich Petroleum Corp. (GDP) , down by -3.10% to $20.03.
Separately, TheStreet Ratings team rates NEWFIELD EXPLORATION CO as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate NEWFIELD EXPLORATION CO (NFX) 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 robust revenue growth, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and generally higher debt management risk."