NEW YORK (TheStreet) -- Shares of Nabors Industries Ltd. (NBR - Get Report) are falling by 1.70% to $12.72 in early afternoon trading on Thursday, as the slump in oil prices sends some stocks within the energy sector into the red today.

Crude oil (WTI) is retreating by 1.93% to $43.80 per barrel and Brent crude is declining by 1.79% to $54.91 per barrel this afternoon, according to the index provided by CNBC.com.

Nabors Industries provides services for land-based and offshore oil and natural gas wells.

Oil prices are dropping today following data from the Energy Information Administration showing U.S. oil inventories grew more than expected last week by 9.6 million barrels to 458.5 million barrels.

Additionally, oil is also being pressured by comments from Kuwait Oil Minister Ali-Al-Omair who said OPEC still has no plans to put together a meeting in order to discuss ways to shore up oil prices and has no choice but to keep its current production rate in order to maintain market share, Bloomberg reports.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio, mentioned Nabors in a recent post on RealMoney.com. Here's what Jim Cramer had to say about the stock:

You know why it is so tough to beat the S&P 500? Because it's always outdoing itself, getting better and better with each change.

The combination of new picks from the S&P mid-cap group that have outgrown their compadres and the deletion of stocks that have shrunk in size or have been acquired at a big premium is a very compelling combination. It's as if the S&P mid-cap is the farm team, the minor leagues, and when that index produces phenoms they get promoted to the Bigs to replace either washed-up, second-rate performers or inductees to the S&P Hall of Fame because they received hefty takeover bids.

We saw the classic example of this just last Friday night when Equinix (EQIX), SL Green (SLG), Henry Schein (HSIC), and Hanesbrands (HBI) replaced Denbury Resources (DNR), Nabors (NBR - Get Report), Avon Products (AVP) and Carefusion (CFN).

-Jim Cramer 'How Passive Is the S&P? (Part 1)' Originally Published on RealMoney.com on 03/15/2015.

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Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate NABORS INDUSTRIES LTD (NBR) a SELL. This is driven by a few notable 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 deteriorating net income, disappointing return on equity, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."

You can view the full analysis from the report here: NBR Ratings Report