NEW YORK (TheStreet) -- Shares of Denbury Resources (DNR) are higher by 1.11% to $8.20 in afternoon trading Tuesday as brent crude oil nears $61 a barrel, after economic data showed the U.S. economy grew at its quickest pace in 11 years in the third quarter, CNBC reports.
The Commerce Department showed that the economy is balancing downward pressure from an oil supply glut amid weak global fuel demand as it revised estimate of gross domestic product growth to a 5% annual pace from the 3.9% it reported last month, CNBC added.
Brent crude, which fell to a five-year low of $58.50 last week, is up 2.18% to $61.42 per barrel as of 2:22 p.m ET., while West Texas Intermediate Crude rose 3.2% to $57.03 a barrel.
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Plano, TX-based Denbury Resources is an independent oil and natural gas company with properties in the Gulf Coast and Rocky Mountain regions.
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 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."