NEW YORK (TheStreet) -- Shares of Noble Corp. (NE) are slumping, lower by 5% to $15.40 in early market trading on Wednesday, as oil prices continue to fall following the decision by the Organization of the Petroleum Exporting Countries to cut its forecast for global demand for its oil in 2015.
OPEC forecast demand for its oil to decline to 28.9 million barrels a day next year, down from 29.4 million barrels a day in 2014.
Yesterday, the U.S. Energy Information Administration lowered its forecast for international oil consumption in 2015 to 92.32 million barrels a day, lower than its previous estimate of 92.5 million barrels a day.
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OPEC has also recently announced that it would maintain its oil production target of 30 million barrels a day, which pushed oil prices down.
Brent crude prices are down by 2.48% to $65.18 per barrel, prices have not been lower than $65 since September 2009, Bloomberg noted.
Separately, TheStreet Ratings team rates NOBLE CORP PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate NOBLE CORP PLC (NE) 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, attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself."