NEW YORK (TheStreet) -- Shares of Uranium Energy Corp. (UEC) are lower by 2.84% to $1.85 on heavy volume in early afternoon trading on Tuesday as a result of profit taking. During the past week the stock has appreciated in value by over 70%.
Additionally, other energy stocks are declining today along with oil prices.
Brent oil prices dropped to a four year low on Monday, as oil prices continued its months-long decline due to concerns the global market is over supplied and hints that the Organization of the Petroleum Exporting Countries is not going to reduce its output, the Wall Street Journal reported.
Rather than cut output the OPEC is lowering its export price to the U.S., which is experiencing the fastest rate of production in over 30 years, Bloomberg reports.
"It's laid bare this dramatic increase in supply we've seen from non-OPEC sources in the last four years. The overall sentiment in the market is not supportive," a Saxo Bank A/S analyst told Bloomberg in reference to the price drop.
Other energy stocks slumping today include Walter Energy Inc. (WLT) , lower by 5.38% to $2.99, Peabody Energy Corp. (BTU) , down by 2.02% to $11.17, and Alpha Natural Resources Inc. (ANR) , retreating by 2.08% to $2.59 this morning.