NEW YORK (TheStreet) --Shares of Oasis Petroleum (OAS) are down by 2.71% to $16.70 in late afternoon trading on Wednesday, as some energy and related stocks fall in the wake of today's decline in oil prices.
Crude oil (WTI) is lower by 2.60% to $59.67 per barrel and Brent crude is slipping by 2.47% to $63.87 per barrel.
Oil prices were in the red on Wednesday after weekly U.S. inventory data showed a decline in crude stockpiles, but a rise in production to a new record, The Wall Street Journal reports.
Domestic oil production grew by 20,000 barrels per day last week to 9.5 million barrels per day, the U.S. Energy Information Administration said, The Journal noted.
So far today, 4.49 million shares of Oasis Petroleum have exchanged hands as compared to its average daily volume of 7.91 million shares.
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."