NEW YORK (TheStreet) -- Noble Corp. (NE) shares are down 2.17% to $16.67 in trading on Wednesday as oil prices continued their downward spiral in trading today.
Industry standard Brent crude oil fell below $56 a barrel in early trading today although it has recovered to settle at $56.82 a barrel, a 1.87% decline from its opening price.
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Oil prices have been flirting with five year lows since November when OPEC officials announced that they would not cut oil production, despite market supply surpluses, in an effort to maintain its market share.
However, also affecting oil prices today is news out of China that the country's factory production declined in December for the first time in seven months, according to Reuters. Analysts at the news agency see this development as an indication that the demand for oil in the country is waning.
TheStreet Ratings team rates NOBLE CORP PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate NOBLE CORP PLC (NE) 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, attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself."