NEW YORK (TheStreet) -- Shares of Whiting Petroleum Corp. (WLL - Get Report) are down by 2.61% to $37.72 in mid-afternoon trading on Tuesday, as some oil and energy related stocks are driven into the red by the drop in the price of the commodity.
Crude oil (WTI) is lower by 1.55% to $43.20 per barrel and Brent crude is slipping by 0.84% to $53.48 per barrel this afternoon, according to the CNBC.com index. Both prices were down more than 2% earlier in the day.
The price of oil is falling today, continuing Monday's decline, on fresh concerns regarding the global supply glut.
Investors are concerned that Wednesday's weekly U.S. inventory report will show another increase in crude supplies, MarketWatch reports.
Analysts polled by the Wall Street Journal expect the EIA to report that crude supplies increased by 4.1 million barrels last week, which would be a new record high.
OPEC has forecast a decline in U.S. output by the end of the year, however the organization's comments went largely unnoticed as supply increases loom, MarketWatch added.
Additionally, the oil explorer has been attracting interest from potential buyers such as Exxon Mobil Corp. (XOM - Get Report) and Continental Resources Inc. (CLR - Get Report) as Whiting explores a sale of the entire company, Bloomberg reported.
Insight from TheStreet's Research Team:
Whiting Petroleum is a core holding of David Peltier's Stocks Under $10 Portfolio. During the most recent weekly roundup, this is what Dave had to say about the stock:
Whiting explores for oil and gas in the Permian Basin, Williston Basin and Green River Basin. It was a volatile week for the shares, which added 16% to recent gains. While an outright sale of the company does not appear imminent, we believe some smaller asset sales could help take the stock back up toward $40 in the near term.
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Separately, TheStreet Ratings team rates WHITING PETROLEUM CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) 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. Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income."
You can view the full analysis from the report here: WLL Ratings Report