NEW YORK (TheStreet) -- Shares of BreitBurn Energy Partners LP (BBEP) fell 18.24% to $10.80 on heavy trading volume today as oil prices sank to a five-year low.
Brent crude declined to $67.53 a barrel on Monday, its lowest price since October 2009, according to BBC News. U.S. crude dropped 50 cents to $65.65 a barrel and hit an intraday low of $63.72, the lowest price since July 2009.
By the end of the trading day, about 9.23 million shares of BBEP had changed hands compared to the average of 1.76 million.
Separately, crude markets jumped more than 3% by the end of the trading day on Monday, rebounding from the five-year slump on fear that the high U.S. shale output blamed for the oil glut may be shrinking, Reuters reports.
Data reviewed by Reuters on Monday showed the new low-price environment for oil might have started affecting U.S. shale production, with a 15% drop in permits issued for new shale wells in October.
Shares of BBEP are up in after-hours 0.28% to $10.83.
TheStreet Ratings team rates BREITBURN ENERGY PARTNERS LP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate BREITBURN ENERGY PARTNERS LP (BBEP) 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 robust revenue growth, growth in earnings per share and increase in net income. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and a generally disappointing performance in the stock itself."