Noble Corp. (NE) Stock Lower on Falling Oil Prices

NEW YORK (TheStreet) -- Shares of Noble Corp. (NE) are falling 1% to $15.23 as oil prices fell for the fourth day in a row.

WTI crude oil for August delivery was down 2% to $58.47 a barrel late Monday morning and Brent crude oil for August delivery was down 2.1% to $61.96 a barrel.

Oil prices were falling due to Greece issuing a referendum to shut down its banking system on Sunday, according to Market Watch. Greece shut down is banking as it tries to resolve its debt crisis. The move could bring Greece closer to exiting the euro, according to Market Watch.

Progress in Iranian nuclear talks that could see the country exporting more oil also helped bring down oil prices.

Noble Corp. is a British company that operates as a major contract driller of oil and natural gas wells. The company largely focuses on ultra-deepwater and high-specification jack-up drilling opportunities.

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 some concerns, 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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