NEW YORK (TheStreet) -- Shares of Magnum Hunter Resources Corp. (MHR) are lower by 5.37% to $3.17 in mid-afternoon trading on Tuesday, as some energy and oil related stocks decline due to the drop in oil prices from earlier in the day.
Oil traded below $57 per barrel on Tuesday, touching a new five and a half year low as the global supply glut proved more worrisome than a loss of supply in Libya, where a militia attack has resulted in the closing of ports, Reuters reports.
Crude for February delivery had been moving in and out of the red on the NYMEX for most of the day. At last check the price was up by 0.17% to $53.70 per barrel.
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Separately, TheStreet Ratings team rates MAGNUM HUNTER RESOURCES CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate MAGNUM HUNTER RESOURCES CORP (MHR) 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, disappointing return on equity, weak operating cash flow, poor profit margins and generally disappointing historical performance in the stock itself."