NEW YORK (TheStreet) -- Shares of Helmerich & Payne  (HP - Get Report) are plunging by 4.28% to $58.59 early Wednesday morning, as the price of oil slides today.

Crude oil (WTI) is lower by 2.16% to $48.04 per barrel and Brent crude is down by 1.84% to $48.92 per barrel, CNBC reports this morning.

The price of oil is slipping after hitting a $50 per barrel milestone last week as this week's OPEC meeting in Vienna looms.

No agreement has reportedly been made between Saudi Arabia and Iran to freeze oil production. Instead, Saudi Arabia seems to be aggressively pushing for more offshore drilling ventures in the next couple of months, which raises concern of another supply glut, according to CNBC.

Additionally, Jefferies raised its price target on the stock to $42 from $40 and reiterated its "underperform" rating.

"We note that signs of modest recovery in 2H16 include adding rigs more broadly than just in the Permian and cost savings/efficiency effort in services can help if activity even stabilizes," Jefferies analysts said in an investor note.

Last month, the Tulsa, OK-based oil company reported 2016 second quarter earnings of 19 cents per share, down from the previous year's second quarter earnings of $1.41 per share. Revenue declined by 51% to $438.2 million in the recent quarter as total rig demand fell.

Separately, TheStreet Ratings rated Helmerich $ Payne as a "hold" with a score of C.

The primary factors that have impacted this rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and weak operating cash flow.

You can view the full analysis from the report here: HP

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.