NEW YORK (TheStreet) -- Shares of BreitBurn Energy Partners (BBEP) are down 5.7% to $6.62 as oil futures hit new five year lows Monday for intraday trading on expectations that a global glut of crude could keep growing, the Wall Street Journal reports.
WTI for February delivery fell 2.08% to $53.59 a barrel at 2:29 p.m. on the New York Mercantile Exchange. Futures touched $53.52, the lowest level since May 2009.
Additionally, Stifel Nicolaus downgraded the Los Angeles-based oil and gas company to "hold" last week, saying that its ability to fund its reduced organic capital expenditure spending while funding the near term shortfall in coverage will be "challenged."
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Separately, TheStreet Ratings team rates BREITBURN ENERGY PARTNERS LP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BREITBURN ENERGY PARTNERS LP (BBEP) 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 robust revenue growth, growth in earnings per share and increase in net income. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and a generally disappointing performance in the stock itself."