NEW YORK (TheStreet) -- Shares of Weatherford International (WFT) were falling 1.3% to $10.61 Friday 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 3.1% to $58.07 a barrel Friday afternoon, while Brent crude oil for January delivery was falling 2.5% to $62.10 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 WEATHERFORD INTL PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate WEATHERFORD INTL PLC (WFT) 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 growth in earnings per share, increase in net income and revenue growth. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, disappointing return on equity and poor profit margins."