NEW YORK (TheStreet) -- Shares of Halliburton Co. (HAL) are tumbling down 3.13% to $40.88 in afternoon trading on Monday, following a decision by the Organization of Petroleum Exporting Countries to maintain its output ceiling and keep its target at 30 million barrels per day instead of cutting production to raise prices, Bloomberg reports.
Brent crude is up 3.21% to $72.40 per barrel today. In June, prices were as high as $115 per barrel.
Houston, TX-based Halliburton is an oilfield services company that provides services and products to the energy industry related to the exploration, development, and production of oil and natural gas.
Separately, TheStreet Ratings team rates HALLIBURTON CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALLIBURTON CO (HAL) a BUY. This is driven by a number of strengths, 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, compelling growth in net income, attractive valuation levels, impressive record of earnings per share growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."