NEW YORK (TheStreet) -- Shares of Continental Resources (CLR) were falling 2.7% to $32.35 Friday, hitting a 52-week low of $31.29, as oil prices continued to fall and the International Energy Agency lowered its consumption forecast for 2015.
WTI crude oil for January delivery was falling 3.8% to $57.69 a barrel Friday afternoon, while Brent crude oil for January delivery was falling 2.9% to $61.81 a barrel.
The IEA announced that it expects global oil to demand to increase by 900,000 a day in 2015, down from its previous estimate of a 1.03 million barrel a day increase, to 93.3 million barrels a day, according to USA Today. The expected demand is lower due to economic slowdown in Russia.
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A slowing Chinese economy and the strength of the U.S. dollar are also helping drive down the price of oil.
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."