Crude oil (WTI) was sliding 2.93% to $43.39 per barrel and Brent crude was falling 2.71% to $45.62 per barrel this afternoon.
Oil prices were dropping this afternoon as investors focused on an increasing glut from U.S. crude stockpiles, which outweighed potential OPEC discussions about an output freeze, Reuters reports.
Government data yesterday showed a build of 2.3 million barrels in crude stocks last week, which was more than double analysts' expectations.
"The high U.S. inventory data suggest oversupply will remain for longer than expected," Hans van Cleef, senior energy economist at ABN AMRO Bank, told Reuters.
Denbury Resources is a Plano, TX-based oil and natural gas company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D- on the stock.
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.
Recently, 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