NEW YORK (TheStreet) -- Shares of Halliburton Co. (HAL) are down by 1.69% to $38.86 at the start of trading on Wednesday morning, as some energy and oil related stocks decline along with the price of oil.
Crude for February delivery is falling by 2.59% to $52.83 per barrel on the NYMEX this morning.
Oil is making its way toward its biggest annual decline since 2008, Reuters reports. Prices are being pressured by weak demand and a supply glut caused by the boom in U.S. shale and OPEC's decision not to reduce its output.
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Oil prices are under increased pressure on Wednesday, as a survey out of China shows the country's factory industry declined in December, the first time in seven months. Reuters calls this a "bearish indication" of the strength of oil demand out of the second largest consumer in the world.
Separately, TheStreet Ratings team rates HALLIBURTON CO as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALLIBURTON CO (HAL) 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 revenue growth, compelling growth in net income, reasonable valuation levels, impressive record of earnings per share growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."