NEW YORK (TheStreet) -- Shares of Halliburton Co. (HAL) are down 0.68% to $37.97 after it was reported that the company is slashing 1,000 jobs in its eastern hemisphere offices amid tumbling global oil prices, according to Business Insider.
The layoffs, which are effective immediately, represent 1.25% of Halliburton's 80,000-person workforce, BI said.
Oil prices continued to decline after the International Energy Agency said oil prices are likely to come under further downward pressure, as it cut its outlook for demand growth in 2015 and predicted healthy non-OPEC supply gains would aggravate a global oil glut, Reuters reported.
WTI crude was down 3.65% to $57.76 per barrel as of 2:29 p.m. in New York.
Separately, TheStreet Ratings team rates HALLIBURTON CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALLIBURTON CO (HAL) 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 revenue growth, compelling growth in net income, attractive valuation levels, impressive record of earnings per share growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."