NEW YORK (TheStreet) -- Shares of Triangle Petroleum Corp. (TPLM) sank 15.68% to $4.14 after OPEC cut the forecast for how much crude oil it will need to provide in 2015 to the lowest in 12 years amid surging U.S. shale supplies and reduced estimates for global consumption, Bloomberg reports.
The Organization of the Petroleum Exporting Countries lowered its projection for 2015 by about 300,000 barrels a day, to 28.9 million a day, Bloomberg said.
That's about 1.15 million a day less than the group's 12 members pumped last month, and the 30-million barrel target they reaffirmed at a meeting in Vienna on November 27. The impact of this year's 40% price collapse on supply and demand remains unclear, OPEC said, according to Bloomberg.
"The fundamentals outlined in the report look quite bearish," Natixis SA analyst Abhishek Deshpande told Bloomberg.
Separately, TheStreet Ratings team rates TRIANGLE PETROLEUM CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRIANGLE PETROLEUM CORP (TPLM) 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, compelling growth in net income and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and generally higher debt management risk."