NEW YORK (TheStreet) -- Shares of Halcon Resources Corp. (HK) are lower by 8.68% to $1.74 in early afternoon trading on Wednesday, as energy stocks fall amid the decline in oil prices and OPEC's report that it cut its 2015 demand expectations to its lowest numbers in 12 years.
Brent crude is down by 4.52% to $63.82 in early afternoon trading today.
In addition to the OPEC report, Oil is falling due to the U.S. government's report of a surprise increase in inventory, adding to concerns regarding the imbalance in supply and demand, MarketWatch reports.
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Earlier today the U.S. Energy Information Administration said oil inventories grew by 1.5 million barrels, while analysts were expecting a decline in supplies by 3 million barrels, MarketWatch added.
Today OPEC released a report saying it slashed its 2015 demand forecast by almost 300,000 barrels per day, to 28.9 million barrels per day. The slash in forecast was due to the rise in U.S. shale supplies and the decline in estimated global consumption, Bloomberg reports.
Separately, TheStreet Ratings team rates HALCON RESOURCES CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALCON RESOURCES CORP (HK) a SELL. This is driven by a few notable 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. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and generally disappointing historical performance in the stock itself."