NEW YORK (TheStreet) -- Shares of Continental Resources (CLR) are plunging, down 6.61% to $33.79 in midday trading on Wednesday, as oil prices continue to drop following the decision by the Organization of the Petroleum Exporting Countries to lower its 2015 forecast for global demand for its oil.
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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Additionally, OPEC recently announced that it would maintain its production ceiling and keep its target at 30 million barrels per day instead of cutting output to raise prices, Bloomberg reported.
Oklahoma City-based Continental Resources is an independent crude oil and natural gas exploration and production company with operations throughout the U.S.
Separately, TheStreet Ratings team rates CONTINENTAL RESOURCES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CONTINENTAL RESOURCES INC (CLR) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."