NEW YORK (TheStreet) -- Shares of Nabors Industries (NBR) were falling 6% to $10.84 Wednesday, hitting a 52-week low of $10.61, after OPEC lowered its oil demand forecast for 2015, which caused oil prices to fall.
In its monthly report the Organization of the Petroleum Exporting Countries (OPEC) forecasted that demand for its oil will fall to 28.92 million barrels a day in 2015, more than 1 million barrels less than it is currently producing, according to Reuters. Demand for OPEC oil would fall to its lowest point in more than a decade in 2015 according to the report.
WTI crude oil was falling 4.5% to $60.93 a barrel, and Brent crude oil was falling 4.3 % to $63.99 a barrel Wednesday afternoon following the report.
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TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NABORS INDUSTRIES LTD (NBR) 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 revenue growth, compelling growth in net income and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins."