NEW YORK (TheStreet) -- Shares of Williams Companies (WMB) are down by 1.42% to $56.31 in mid-afternoon trading on Monday, as crude futures reached three-week lows today due to the ongoing Greek debt crisis, which has now resulted in the shutdown of Greece's banks and stock market until next week.
Greece imposed capital controls which has caused investors to avoid risky assets and also weakened the outlook for demand, Reuters reports.
Additionally, Iran is looking to extend its negotiations regarding lifting Western sanctions on its oil exports, which is also weighing on oil prices, Reuters noted.
Crude oil (WTI) is lower by 2.21% to $58.31 per barrel and Brent crude is slipping by 1.99% to $62 per barrel this afternoon, according to the CNBC.com index.
Greece has about $1.8 billion it must pay to the International Monetary Fund on Tuesday, but the growing concern is that the country will not be able to make that payment.
On Saturday, the country was involved in last ditch negotiations with its international creditors. The talks ended with Greece's Prime Minister Alexis Tsipras announcing a referendum for July 5, to vote on measures its creditors have demanded in return for more financial aid.
Separately, TheStreet Ratings team rates WILLIAMS COS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WILLIAMS COS INC (WMB) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income."