NEW YORK (TheStreet) -- Shares of Nabors Industries (NBR) are plunging, down 4.71% to $10.02 in afternoon trading Friday, as oil prices continue to decline to their lowest since May 2009 on concerns over a global supply glut and weak demand, CNBC reports.
U.S. WTI crude closed down $2.14 at $57.81 per barrel, the lowest since May 2009, for a total loss of 11% this week, CNBC added.
Brent crude was slipping, down 2.45% to $62.12 per barrel this afternoon, after hitting a low of $61.35 a barrel -- the lowest since July 22, 2009.
Earlier this week, the U.S. Energy Information Administration lowered its forecast for international oil consumption in 2015 to 92.32 million barrels a day, lower than its previous estimate of 92.5 million barrels a day.
The International Energy Agency also said oil prices would likely come under further pressure, lowering its outlook for demand growth in 2015 and predicting that non-OPEC output gains would increase global supplies, according to CNBC.
Separately, 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."