NEW YORK (TheStreet) --Shares of Emerald Oil (EOX) were falling 22.3% to 99 cents Friday, hitting a 52-week low of 90 cents, after the oil company lowered its production guidance for the fourth quarter and 2015, and its 2015 capital expenditure guidance amidst falling oil prices.
The oil company said it now expects to produce an average of 3,300 barrels of oil equivalent for the fourth quarter, down from its previous production guidance of 4,300 BOE a day. Emerald lowered its 2015 production guidance to between 4,200 BOE and 4,500 BOE a day, down from previous estimates of 5,425 BOE to 5,800 BOE a day.
Emerald lowered its drilling and completion budget to between $62 million and $81 million from its previous range of $210 million to $240 million.
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Lower oil prices also helped bring down shares of Emerald. WTI crude oil for January delivery was falling 3.5% to $57.85 a barrel Friday afternoon, while Brent crude oil for January delivery was falling 2.6% to $62 a barrel.
TheStreet Ratings team rates EMERALD OIL INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate EMERALD OIL INC (EOX) a SELL. This is driven by some concerns, 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. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."