NEW YORK (TheStreet) -- Shares of international oil and natural gas services company Weatherford International (WFT) fell 6.59% to $15.17 in afternoon trading Tuesday after oil prices declined to a four-year low.
Brent crude oil prices for December delivery dropped 3% to $82.19 a barrel on London's ICE exchange. Brent last traded at this price in October 2010, according to MarketWatch.
Saudi Arabia chose Tuesday to change oil prices sold to U.S. and Asian buyers due to weak forecast for European growth. The Middle Eastern nation lowered prices for the U.S. and raised prices for large buyers such as China. Saudi Arabia is trying to stay competitive amid dropping oil prices, and the move further drove prices down Tuesday.
Must Read: Warren Buffett's 25 Favorite Stocks
Separately, TheStreet Ratings team rates WEATHERFORD INTL PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate WEATHERFORD INTL PLC (WFT) 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 growth in earnings per share, increase in net income and revenue growth. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, disappointing return on equity and poor profit margins."