NEW YORK (TheStreet) -- Shares of Halcon Resources Corp. (HK) are down by 7.14% to $1.11 on heavy volume in mid-afternoon trading on Tuesday, as falling oil prices drag some energy and related stocks lower.
The price of the commodity is in the red due to a strong dollar, which is up by 0.99%, according to The Wall Street Journal dollar index.
Strength in the dollar can make oil more expense for those buyers that hold other currencies.
Crude oil (WTI) is declining by 3.55% to $57.32 per barrel and Brent crude is slumping by 3.06% to $64.24 per barrel, according to the index provided by CNBC.com.
After reaching high prices in June of last year, oil began to tumble due to the supply glut and would fall further after OPEC announced in November that it had no intention of reducing its supply output.
Another factor impacting oil today is evidence of ample oil supplies in the Middle East, despite wars in northern Iraq, Syria, and Yemen, Reuters reports.
"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 told Reuters.
Separately, TheStreet Ratings team rates HALCON RESOURCES CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALCON RESOURCES CORP (HK) a SELL. This is driven by multiple 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 unimpressive growth in net income, generally high debt management risk, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."