NEW YORK (TheStreet) -- Shares of Continental Resources (CLR) are declining by 1.67% to $35.90 on heavy trading volume Thursday afternoon as crude prices continue to fall, giving up gains from this morning's rally, on concerns of an oil supply glut.
Investors also cited a Bloomberg report that a Nigerian port workers union had suspended a strike, according to CNBC. The stoppage was aimed at curbing local fuel supply and exports, Bloomberg reports.
Brent crude for February delivery is declining 2.81% to $59.46 a barrel as of 2:49 p.m. ET today, after trading as high as $63.70 earlier in the morning.
WTI Crude for January delivery, which expires after Friday's settlement, is lower by 3.31% to $54.60 a barrel as of 2:49 p.m. ET, off a session-high of $58.73.
About 5.16 million shares of Continental Resources have traded hands as of 2:59 p.m. ET, compared to its average trading volume of 5.03 million shares a day.
Separately, 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 some important positives, 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."