NEW YORK (TheStreet) -- Encana (ECA) shares are down 2.2% to $11 in afternoon trading on Monday as crude prices declined in trading today due to the ongoing Greek debt crisis.
Today's loss is the fourth straight session of declining prices on the New York Mercantile Exchange
Industry standard Brent crude is down 2.23% to $61.95 per barrel, while West Texas crude is down 2.11% to $58.37 per barrel.
The falling prices are partially due to the Greek debt crisis that continues to unfold as the country announced yesterday that it closed its banks in an effort to prevent a collapse.
Though there is no direct correlation between Greece and the oil market, the overall uncertainty of the situation in a Eurozone country is enough to continue the oil selloff, according to CNBC.
The European Central Bank said Sunday that it will provide no new emergency support for Greek banks after the country's government decided to pull out of bail out negotiations of Friday.
Greek officials said that banks will remain closed through July 6 with withdrawals limited to 60 euros per day.
TheStreet Ratings team rates ENCANA CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENCANA CORP (ECA) 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, reasonable valuation levels and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself."