NEW YORK (TheStreet) -- Shares of Magnum Hunter Resources Corp. (MHR) are down by 1.26% to $3.13 in mid-afternoon trading on Wednesday, as energy and oil related stocks retreat today along with the price of oil.
Crude for February delivery is falling by 2.98% to $52.51 per barrel on the NYMEX this afternoon.
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 showed 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 from the second largest consumer in the world.
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."