NEW YORK (TheStreet) -- Oasis Petroleum (OAS) shares are down 2.81% to $17.27 in afternoon trading on Monday as falling crude prices take their toll on the oil sector today.
Industry standard Brent crude for June delivery is down 0.21% to $66.32 per barrel while West Texas crude for June delivery is down 0.63% to $58.78 in trading today. Light sweet crude for June delivery is down 0.06% to $66.43 per barrel on the New York Mercantile Exchange.
The drop in prices is due in part to a report today that showed U.S. stockpiles at an important hub in Cushing, OK fell by less than 100,000 barrels in the week ended Friday, leaving U.S. stockpiles near record highs, according to the Wall Street Journal.
U.S. crude stockpiles are currently at their highest levels in 80 years and the glut of supply on the global market is responsible for oil prices falling sharply over the past 11 months.
Oasis Petroleum is scheduled to release its first quarter earnings results after the closing bell on Wednesday. The company is expected to report earnings of 26 cents per share on revenue of $266.3 million.
TheStreet Ratings team rates OASIS PETROLEUM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OASIS PETROLEUM INC (OAS) 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 compelling growth in net income, notable return on equity and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and a generally disappointing performance in the stock itself."