Halliburton (HAL) Stock Falls on Lower Oil Prices

NEW YORK (TheStreet) -- Shares of Halliburton (HAL) are down 2% to $43.71 early Friday afternoon as oil prices were falling.

WTI crude oil for July delivery was down 1.8% to $59.38 a barrel early Friday afternoon, and Brent crude oil for August delivery was down 2.3% to $62.78 a barrel.

Oil prices were falling on Friday due to U.S. shale oil output forecasts, according to Reuters. U.S. shale producers expect their output to rise through the rest of the year, despite recent scale backs in response to lower oil prices.

Concerns over a possible Greece default also helped lower oil prices as it strengthened the dollar against the euro.

Halliburton is an American oil company with dual headquarters in Houston and Dubai. The company is one of the largest oil field services companies with operations in more than 80 countries.

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."

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