NEW YORK (TheStreet) -- Shares of independent oil and gas exploration company Denbury Resources (DNR) touched a 52-week low of $10.94 in afternoon trading Tuesday after oil prices declined to a four-year low.
Brent crude oil prices for December delivery declined 3% to $82.19 a barrel on London's ICE exchange. Brent last traded at this price in October 2010, according to MarketWatch.
Saudi Arabia chose Tuesday to change oil prices sold to U.S. and Asian buyers due to weak forecast for European growth. The Middle Eastern nation lowered prices for the U.S. and raised prices for large buyers such as China. Saudi Arabia is trying to stay competitive amid dropping oil prices, and the move further drove prices down Tuesday.
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Separately, TheStreet Ratings team rates DENBURY RESOURCES INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate DENBURY RESOURCES INC (DNR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income."