NEW YORK (TheStreet) -- Shares of Denbury Resources Inc (DNR) are gaining, up 5.88% to $8.64 in afternoon trading Friday, as both WTI and Brent crude trade in positive territory following the release of weekly rig count data.
Baker Hughes (BHI) data showed that energy firms pulled 13 rigs from U.S. oil fields this past week, marking the biggest decline in four weeks, Reuters noted.
It was also the 25th straight weekly decline, and brought the total rig count to its lowest level since August of 2010 to 646 rigs.
Brent crude for July delivery is higher by 4.46% to $65.37 a barrel as of 3:29 p.m. ET, while WTI crude is also up, 4.35% to $60.19 a barrel as of 3:28 p.m. ET today.
Plano, Texas-based Denbury Resources is an independent oil and natural gas company with oil and natural gas reserves, of which 83% is oil.
The company focuses on two key operating areas including the Gulf Coast and the Rocky Mountain regions.
Separately, TheStreet Ratings team rates DENBURY RESOURCES INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate DENBURY RESOURCES INC (DNR) a SELL. This is driven by some concerns, which we believe 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 we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."