NEW YORK (TheStreet) -- Shares of ENSCO PLC (ESV) are falling by 1.21% to $31.08 on heavy volume in late afternoon trading on Friday, as the energy sector drops due to oil prices hitting a five year low.
Oil finished lower today by 1.5% to $65.84 per barrel.
Oil prices declined Friday as the dollar strengthened, MarketWatch reports. A stronger dollar can hurt commodities that trade in dollars, making them more expensive for those that hold other currencies.
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Oil fell on Thursday after Saudi Arabia cut the price of its oil in the U.S., which added to concerns the country is more focused on keeping market share than raising prices, the Wall Street Journal reported.
Separately, TheStreet Ratings team rates ENSCO PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENSCO PLC (ESV) 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 growth in earnings per share, revenue growth and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."