Crude oil (WTI) is gaining by 1.4% to $49.30 per barrel this afternoon and Brent crude is advancing by 1.85% to $49.51 per barrel.
Denbury Resources is an independent oil and natural gas company based in Plano, TX.
Oil prices are trading in the green today as U.S. government data showed a bigger than expected drop in domestic crude supplies.
Crude supplies fell by 4.2 million barrels last week totaling 537.1 million barrels, MarketWatch reports. Analysts were looking for a dip of 3.3 million barrels for the week.
Oil is inching its way towards $50 per barrel for the first time in seven months.
"We are definitely moving out of this surplus situation that we've been living in since mid-2014. There will still be some time, maybe six months of surplus, but then we're basically into rebalancing," Bjarne Schieldrop, the head commodities strategist with SEB, told Reuters.
Separately, TheStreet Ratings has set a "sell" rating and a score of D- on Denbury Resources stock. This is driven by several weaknesses, which TheStreet Ratings believes 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 it covers.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and deteriorating net income.
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.
You can view the full analysis from the report here: DNR