NEW YORK (TheStreet) -- Shares of Chevron (CVX) are slumping, lower by 0.59% to $112.44 in midday trading Tuesday, as crude oil continues to fall, hitting a five-and-a-half year low of $52.51 a barrel earlier today, amid a global supply surplus.
The continued decline in oil prices are dragging commodities to a fourth straight annual drop, according to Bloomberg.
The Energy Information Administration said crude stockpiles at Cushing, OK gained last week. The EIA reported that inventories at the delivery point for New York Mercantile Exchange futures rose 2 million barrels to 30.8 million, the most since February, according to Bloomberg.
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Brent for February delivery is down 1.88% to $56.81 a barrel as of 12:16 p.m. ET, while WTI crude is also down 1.94% to $53.07 a barrel as of 12:17 p.m. ET today.
Separately, TheStreet Ratings team rates CHEVRON CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHEVRON CORP (CVX) 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 increase in net income, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."