NEW YORK (TheStreet) -- Shares of Magnum Hunter Resources (MHR) are down by 10% to $1.39 in mid-afternoon trading on Thursday, as some energy and related stocks take a hit due to the decline in oil prices.
A stronger dollar is pushing the prices of commodities lower today. Oil is also being affected by concerns over a continuing global supply glut, The Wall Street Journal reports.
Crude oil (WTI) is slipping by 1.11% to $60.75 per barrel and Brent crude is down by 0.93% to $65.09 per barrel this afternoon, according to the index provided by CNBC.com.
The dollar is up by 0.42%, according to The Journal's dollar index.
In its monthly report the International Energy Agency said that global oil supplies will continue to exceed demand this year, The Journal noted.
Additionally, on Wednesday Magnum Hunter received a ratings downgrade to "underperform" from "in-line" at Imperial Capital.
The firm said it lowered its rating on the company after Magnum Hunter announced that its proceeds from the sale of its West Virginia non-core unit would be less than it had previously anticipated.
Separately, TheStreet Ratings team rates MAGNUM HUNTER RESOURCES CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate MAGNUM HUNTER RESOURCES CORP (MHR) a SELL. This is driven by multiple weaknesses, 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 unimpressive growth in net income, generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."