NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS - Get Report) were dropping 6.93% to $9.13 on heavy trading volume late Friday afternoon as oil prices tumbled.

Crude oil (WTI) was down 3.26% to $44.81 per barrel while Brent crude was sinking 3.06% to $46.19 per barrel this afternoon.

Oil reversed earlier gains today after Saudi Arabia said that OPEC members and other producers are unlikely to reach an agreement about production levels next week, Bloomberg reports.

Delegates from OPEC countries and other major exporters will meet informally on the sidelines of the International Energy Forum in Algeria on September 28.

Additionally, Baker Hughes (BHI) data said U.S. drillers added 2 rigs this week to a total of 418 active units.

U.S. drillers are on track to add the biggest number of rigs in a quarter since crude prices crashed two years ago, Reuters notes.

Oasis Petroleum is a Houston-based independent oil and natural gas exploration and production company.

More than 11.91 million shares of Oasis have traded so far today vs. the 30-day average volume of 9.78 million shares.

Separately, 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.

TheStreet Ratings rated this stock as a "sell" with a ratings score of D.

The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, generally high debt management risk, disappointing return on equity and weak operating cash flow.

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