NEW YORK (TheStreet) -- Cabot Oil & Gas (COG) shares are down 0.18% to $34.11 in afternoon trading on Wednesday as the oil company suffers from falling crude prices.
Industry standard Brent crude for July delivery is down 2.47% to $63.87 per barrel, while West Texas crude for July delivery is also down 2.56% to $59.69 in trading today.
The fall in oil prices comes despite the fifth straight week of declining U.S. crude supplies in an already oversupplied market.
However, investors also have a negative view ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna on Friday at which the cartel is expected to set its production policy for the next six months.
When OPEC last met in November the group agreed to keep production at 30 million barrels a day.
However, the International Energy Agency estimated that the cartel produced 31.2 million barrels per day in April, its highest output since 2012, according to USA Today.
TheStreet Ratings team rates CABOT OIL & GAS CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CABOT OIL & GAS CORP (COG) 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 good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity."