NEW YORK (TheStreet) -- Shares of Whiting Petroleum (WLL) are plunging, sharply down 13.48% to $32.23 on heavy trading volume Monday afternoon, as oil prices hit a five-year low after analysts at Morgan Stanley cut their 2015 forecast for Brent crude this morning, CNBC reports.
The firm cited oversupply, and said crude prices could fall to as little as $53 per barrel in 2015, although its base case scenario was for $70, lower than its earlier estimate of $98.
Crude prices have fallen by about 40% percent since June, as Brent futures are down 4.04% to $66.28 today -- its lowest level since October 2009.
Must Read: Warren Buffett's 25 Favorite Stocks
Last week, the Organization of the Petroleum Exporting Countries said it it would maintain its oil production target of 30 million barrels a day, instead of cutting production to increase prices, Bloomberg reported.
OPEC's decision means that oil will remain oversupplied through the beginning of 2015, and prices could remain low for longer than expected, the Wall Street Journal reported.
Additionally, Whiting Petroleum announced that it has completed its acquisition of Kodiak Oil & Gas.
Separately, TheStreet Ratings team rates WHITING PETROLEUM CORP as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation: