NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS) are retreating by 1.38% to $17.13 in late afternoon trading on Tuesday, as some energy and related stocks are driven into the red due to the slump in the price of oil.
The price of the commodity is down on a strong dollar and the possibility that U.S. shale producers will increase drilling activity are driving the commodity's price lower, Reuters reports.
Oasis Petroleum is an oil and natural gas exploration and production company based in Houston, TX.
Crude oil (WTI) is lower by 2.80% to $58.05 per barrel and Brent crude is slipping by 2.75% to $63.72 per barrel this afternoon, according to the index provided by CNBC.com.
The dollar is up by 0.97%, according to The Wall Street Journal dollar index.
"The main factor weighing on prices is the significantly appreciating U.S. dollar," said Carsten Fritsch, analyst at Commerzbank told Reuters. "What is more, the decline in drilling activity in the U.S. that has been ongoing for 23 weeks appears to have stopped."
Separately, 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 reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."