NEW YORK (TheStreet) -- Shares of Denbury Resources Inc (DNR) are slipping, down 4.41% to $7.05 in late afternoon trading Monday, as both WTI and Brent crude trade in negative territory on a stronger dollar and concerns over the Organization of the Petroleum Exporting Countries' oil output, according to Reuters.
Oil prices closed lower from the previous session's rally. U.S. crude settled down 0.2% to $60.20 a barrel, while front-month Brent crude closed at $64.80 a barrel.
A Reuters survey showed that OPEC produced a two and a half year high of 31.22 million barrels of oil per day during the month of May amid the global oil supply surplus.
Plus, the slowing growth in China and the rise in oil production in Saudi Arabia are weighing down oil prices further in today's trading session, Reuters added.
July Brent crude was trading lower by 0.85% to $65 a barrel as of 3:33 p.m. ET today, while U.S. crude for July delivery was down 0.05% to $60.27 a barrel.
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 multiple weaknesses, 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."