NEW YORK (TheStreet) -- Shares of Nabors Industries (NBR) are down by 5.04% to $14.88 in early afternoon trading on Tuesday, as some energy and related stocks fall along with the price of oil, which is down due to a strong dollar and signs that despite ongoing conflicts in the Middle East oil supplies in the region remain ample.
Crude oil is slumping by 3.21% to $57.52 per barrel and Brent crude is lower by 2.78% to $64.43 per barrel this afternoon, according to the CNBC.com index.
The dollar is gaining by 0.92% on The Wall Street Journal dollar index.
"The oil market is generally oversupplied with high Saudi exports and OPEC is unlikely to cut production," Tamas Varga an oil analyst at PVM Oil Associates told Reuters.
"Fears that fighting in Iraq and Yemen could hamper the oil supply have clearly given way to a more sober appraisal," Carsten Fritsch an analyst at Commerzbank said to Reuters.
Nabors Industries is a Hamilton, Bermuda-based provider of services for land and offshore oil and natural gas wells. The company operates in two businesses, drilling and rig services, and completion and production services.
Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NABORS INDUSTRIES LTD (NBR) 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 increase in net income, expanding profit margins and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and a generally disappointing performance in the stock itself."