NEW YORK (TheStreet) -- Denbury Resources (DNR) shares are up 4.7% to $7.35 in trading on Tuesday as the entire oil sector benefits from rising oil prices ahead of OPEC's meeting in Vienna later this week.
Denbury shares have been tied to oil prices for the past few sessions and today's performance represents a reversal from yesterday's decline along with falling crude prices.
Industry standard Brent crude prices for July delivery is up 0.68% to $65.32 per barrel, while West Texas crude for July delivery is up 1.73% to $61.24 per barrel.
The rise in prices ahead of OPEC's biannual meeting this week is a result of a weakening dollar. The oil cartel is not expected to change its stance on production when it meets in Vienna Friday.
OPEC's refusal to cut production amid a glut of supply on the market is partially responsible for the steep decline oil prices have experienced since last June.
When OPEC last met in November the group agreed to keep production at 30 million barrels a day. The International Energy Agency estimated that the cartel produced 31.2 million barrels per day in April, its highest output since 2012, according to USA Today.
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."