NEW YORK (TheStreet) --Shares of Halcon Resources Corp. (HK) are down by 5.39% to $1.93 in late morning trading on Wednesday, as some energy and oil related stocks decline along with the price of oil.
Crude for February delivery is falling by 2.50% to $55.69 per barrel this morning.
Yesterday oil prices rallied thanks to positive U.S. economic data and comments made from OPEC members saying they are expecting global oil prices to rebound to a range between $70 and $80 per barrel by the end of next year.
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Since the summer oil prices have fallen almost 50% due to a global oversupply. Recently OPEC announced it has no plans to cut its production rate despite the supply gut and a softening of demand.
Separately, TheStreet Ratings team rates HALCON RESOURCES CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALCON RESOURCES CORP (HK) a SELL. This is driven by multiple weaknesses, 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. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and generally disappointing historical performance in the stock itself."