Saudi Arabia convinced its fellow OPEC members that it is not in the group's interest to cut oil output however far prices may fall, the kingdom's oil minister Ali al-Naimi said in an interview with the Middle East Economic Survey (MEES), according to Reuters.
On the New York Mercantile Exchange, West Texas Intermediate for February delivery was down 1.72% a barrel to $56.15 at 9:38 a.m. in New York. February Brent crude was lower by 1.06% to $60.73.
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Separately, JPMorgan cut the Texas-based oil and gas company's price target to $7 from $12 last week while reiterating its "outperform" rating, as the firm believes that the company will experience solid production growth in the fourth quarter of the next three years.
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 increase in net income, reasonable valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share."