NEW YORK (TheStreet) -- Shares of Schlumberger Ltd. (SLB) continue to sink, down 1.91% to $83.92 on heavy trading volume Monday afternoon, following the Organization of Petroleum Exporting Countries' decision to maintain its output ceiling instead of cutting production to raise prices, Bloomberg reports.
U.S. is pumping crude oil at the fastest rate in three decades while global demand growth is slowing, pushing oil into a bear market, Bloomberg added.
OPEC's decision to keep its oil production unchanged initially sent the price of oil falling to less than $70 a barrel for the first time in four years, Bloomberg notes.
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About 11.95 million shares of Schlumberger traded hands as of 2:25 p.m. Monday, compared to its average trading volume of about 9.48 million shares a day.
Separately, TheStreet Ratings team rates SCHLUMBERGER LTD as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SCHLUMBERGER LTD (SLB) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, good cash flow from operations and increase in net income. We feel these strengths outweigh the fact that the company shows low profit margins."