NEW YORK (TheStreet) -- Shares of Whiting Petroleum Corp. (WLL) are down by 3.83% to $34.17 in early afternoon trading on Wednesday, as oil and energy related stocks slump due to the decline in oil prices.
Crude for February delivery is falling by 2.98% to $55.42 per barrel on the NYMEX this afternoon.
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 WHITING PETROLEUM CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) 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, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."