NEW YORK (TheStreet) -- Shares of Halliburton Co (HAL) were lower by 0.52% to $45.49 in afternoon trading Monday, as both Brent and WTI crude prices fall to trade in negative territory, Reuters reports.
Oil prices are falling due to lower Chinese demand and concerns over the Organization of the Petroleum Exporting Countries' decision to pump without restraint, according to Reuters.
In May, China bought 25% less crude oil compared to the previous month. China is the world's top net oil importer, Reuters noted.
Last Friday, OPEC said it plans to keep its production target of 30 million barrels per day.
Brent crude for July delivery was lower by 0.87% to $62.76 a barrel as of 2:17 p.m. ET, while U.S. crude for July delivery was down 1.71% to $58.12 a barrel today.
Houston-based Halliburton is an oilfield services company that provides services and products to the energy industry related to the exploration, development, and production of oil and natural gas.
It serves national and independent oil and natural gas companies worldwide and operates under two segments.
Separately, TheStreet Ratings team rates HALLIBURTON CO as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALLIBURTON CO (HAL) 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 largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."