NEW YORK (TheStreet) -- Shares of Pengrowth Energy (PGH) are sinking, down 7.54% to $2.82 in midday trading Thursday, after state-run oil company Saudi Aramco lowered January prices for its oil in the U.S. by between 10 cents to 90 cents a barrel, sending oil prices down to continue their decline, the Wall Street Journal reports.
Brent crude is falling, down 0.79% to $69.37 per barrel. In June, prices were as high as $115 per barrel.
Another factor weighing down oil prices today could be the remarks of European Central Bank president Mario Draghi, after the ECB's monetary policy decision to keep rates unchanged, Business Insider reports.
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Draghi hinted that the bank may act early in 2015 as the ECB will reassess its current stimulus program, and how low oil prices are affecting the European economy, the Miami Herald reports.
Last week, the Organization of Petroleum Exporting Countries decided to maintain its output ceiling of oil, keeping its target at 30 million barrels per day instead of cutting production to raise prices, Bloomberg reported.
Pengrowth is engaged in the development, production and acquisition, and the exploration for oil and natural gas reserves.
Separately, TheStreet Ratings team rates PENGROWTH ENERGY CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation: