NEW YORK (TheStreet) --Shares of Denbury Resources (DNR) - Get Report closed higher by 12.09% to $1.07 on Thursday, as the rebound in oil prices gave some energy and related stocks a jolt this afternoon.
The commodity is currently trading in the green following a report that the Organization of Petroleum Exporting Countries and Russia have agreed to hold a meeting in March to discuss capping production levels, Reuters reports.
Oil was being pressured earlier in the day on supply glut concerns and as big banks have cut their outlook for oil and see prices recovering more slowly than previously expected.
Crude oil (WTI) is up by 2.71% to $33.04 per barrel this afternoon and Brent crude is gaining by 2.12% to $35.14 per barrel.
Venezuelan oil minister Eulogio Del Pino said the South American country, Saudi Arabia, Russia and Qatar have decided on the March meeting.
Oil prices jumped last week and part of this week when the four countries announced their plan to freeze production at January levels, but the surge fizzled out as investors cast doubts about the efficacy of the plan, Reuters added.
Denbury Resources is a Plano, TX-based independent oil and natural gas company.
Separately, TheStreet Ratings has set a "sell" rating and score of D- on Denbury Resources stock. This is driven by a number of negative factors, 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 deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
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