NEW YORK (TheStreet) -- Chevron (CVX) shares are down 2.9% to $107.65 in early market trading on Monday as crude oil prices continued to fall to multi-year lows on Monday.
Brent crude oil fell by more than $2 a barrel to a new five-year low of $66.77 earlier today, it's lowest price since October 2009. Prices have rebounded slightly since then and are currently down $1.79 to $67.28.
The drop in price comes on continued speculation that OPEC will not cut production, continuing to oversupply the market into next year. Oil prices have declined more than 40% since June with Saudi Arabia, the world's largest oil exporter, saying last month that it would not cut its oil production in the near term.
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TheStreet Ratings team rates CHEVRON CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHEVRON CORP (CVX) 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 increase in net income, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. 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."