NEW YORK (TheStreet) -- Shares of Chesapeake Energy Corp. (CHK) are down by 3.20% to $11.18 in early afternoon trading on Thursday, as slumping oil prices push some energy and related stocks into the red today.
Crude oil (WTI) is lower by 0.90% to $59.73 per barrel and Brent crude is falling by 0.47% to $63.19 per barrel this afternoon, according to the CNBC.com index.
The price of the commodity is down on as traders consider the energy-demand implications connected to the situation regarding Greece's debt issues, MarketWatch reports.
Investors are also looking ahead to next weeks deal deadline over Iran's nuclear program.
Additionally, Chesapeake Energy was downgraded to "sell" from "neutral" at UBS this morning. The firm cut its price target on the stock to $11 from $16.
Other energy and oil related stocks on the decline today include Ultra Petroleum (UPL), down by 2.86% to $13.24, Linn Energy (LINE), lower by 0.88% to $10.11, and Samson Oil & Gas (SNN), down by 1.80% to $1.09 this afternoon.
Separately, TheStreet Ratings team rates CHESAPEAKE ENERGY CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHESAPEAKE ENERGY CORP (CHK) a SELL. This is driven by several 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 deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."