NEW YORK (TheStreet) -- Shares of Noble Corp. PLC (NE) were slipping, lower by 1.86% to $16.44 in late morning trading Monday, as oil prices fall amid expectations that production by the Organization of the Petroleum Exporting Countries would remain high, Reuters reports.
A Reuters survey showed that OPEC produced a two and a half year high of 31.22 million barrels of oil per day in the month of May, adding to worries of a global oil oversupply despite declining U.S. rig operations.
In addition, slowing growth in China and rising Saudi Arabian oil production are also weighing down oil prices, Reuters added.
Brent crude for July delivery is down 1.62% to $64.50 a barrel as of 11:32 a.m. ET, while WTI crude for July delivery is trading lower by 1.28% to $59.53 a barrel.
Noble Corp. is a British company, operating as a major contract driller of oil and natural gas wells, with its focus largely on ultra-deepwater and high-specification jack-up drilling opportunities.
Separately, TheStreet Ratings team rates NOBLE CORP PLC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NOBLE CORP PLC (NE) a SELL. This is driven by some concerns, 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 disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."