NEW YORK (TheStreet) -- Shares of Noble Corp. (NE) are down 5.02% to $19.29 today as investors continue to sell off stock amid slumping demand for offshore driller rigs and the falling price of oil, according to Barron's.
Noble, an offshore drilling contractor for the oil and gas industry, is facing pressure to "stack" (take off the market) some of its rigs, according to Credit Suisse analyst Gregory Lewis.
"More rigs need to be stacked to balance the market and this only happens if the market continues to languish - no one will stack a rig in a rising market," Lewis said in a note.
Must Read: Warren Buffett's 25 Favorite Stocks
Additionally, West Texas Intermediate crude dropped to the lowest level in more than two years after Saudi Arabia reduced the cost of its oil to U.S. customers in the face of soaring North American output, Bloomberg reported.
Separately, TheStreet Ratings team rates NOBLE CORP PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: