NEW YORK (TheStreet) -- Shares of Pengrowth Energy Corp. (PGH) are down by 6.37% to $2.50 in late morning trading on Wednesday, as the energy sector falls due to declining oil prices and OPEC's announcement it cut its forecast for how much oil it will need to provide in 2015, to its lowest level in 12 years.
The Organization of Petroleum Exporting Countries issued a report saying it reduced its projections for 2015 by close to 300,000 barrels a day, to 28.9 million per day, Bloomberg reports.
Data gathered by Bloomberg shows that prices are now below what 10 out of the 12 OPEC members need for their annual budgets to break even.
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Brent crude prices are lower by 3.37% to $64.59 per barrel this morning.
Separately, TheStreet Ratings team rates PENGROWTH ENERGY CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PENGROWTH ENERGY CORP (PGH) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."