Noble Corp. (NE) Stock Falls as Oil Prices Dip

NEW YORK (TheStreet) -- Shares of Noble Corp. (NE) were falling 3.8% to $16.65 Thursday as oil prices were falling due to the rallying dollar.

WTI crude oil for July delivery was down 0.9% to $60.88 a barrel Thursday afternoon, and Brent crude oil for a July delivery was down 0.8% to $65.16 a barrel.

Oil prices were falling as the U.S. dollar rallied against the euro due to concerns about Greek debt, according to Reuters. The weakness in the euro comes after International Monetary Fund spokesman Gerry Rice said "there are still "major differences" with Greece over an agreement to keep the country out of bankruptcy, according to the news service.

A stronger dollar makes commodities such as oil, which is priced in dollars, more expensive to investors using other currencies, which can help bring prices down.

Noble Corp. is a British contract driller of oil and natural gas well.

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 a few notable 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 disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."

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