Denbury Resources (DNR) Stock Slumps on Lower Oil Prices
NEW YORK (TheStreet) -- Shares of Denbury Resources (DNR) - Get Report are slipping by 2.35% to $3.94 in early afternoon trading on Monday, as oil prices decline.
Crude oil (WTI) is down by 1.57% to $47.65 per barrel this afternoon and Brent crude is sliding by 1.87% to $47.81 per barrel.
Oil prices are dropping today as Iran said it would boost its production and rig reductions paused in the U.S., Reuters reports.
Iran's Deputy Oil Minister Rokneddin Javadi said the country's crude exports, not including gas condensates, would hit 2.2 million barrels per day by the middle of the summer, compared to 2 million barrels per day currently, according to Iranian news agency Mehr.
But crude futures trimmed some losses after data showed a stockpile decrease at the U.S. delivery hub in Cushing, OK, Reuters added.
Genscape reported an inventory decline of 978,862 barrels in Cushing last week, according to traders who saw the data.
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
