Halcon Resources (HK) Stock Falls as Oil Prices Slide

NEW YORK (TheStreet) -- Shares of Halcon Resources (HK) are  falling 4.7% to $1.21 on Monday afternoon as oil prices continue to fall for the fourth day in a row.

WTI crude oil for August delivery was down 2.05% to $58.41 a barrel early Monday afternoon and Brent crude oil for August delivery was down 2.15% to $61.90 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.

Halcon Resources is a Houston-based oil company that focuses on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the U.S.

TheStreet Ratings team rates HALCON RESOURCES CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate HALCON RESOURCES CORP (HK) 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 unimpressive growth in net income, generally high debt management risk, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."

If you liked this article you might like

Stocks Struggle for Direction After Trump Jr.-Russia Bombshell

Energy Names Lead Wall Street as Crude Oil Makes Surprise Turn Higher

Stock Futures Lower as Oil Falls on Higher Shale Investment

Shark Bites: Thanksgiving Week Trading Candidates

Shark Bites: There's Still Momentum, but Everybody Wants Weakness