NEW YORK (TheStreet) -- Shares of Denbury Resources Inc (DNR) are up 2.21% to $6.95 in midday trading Wednesday, as both WTI and Brent crude trade in positive territory following the release of data showing U.S. crude inventories fell the most since July last week, according to Reuters.
The U.S. Energy Information Administration reported that crude inventories fell by 6.8 million barrels in the last week, versus analysts' expectations for a decline of 1.7 million barrels.
Crude stocks at the Cushing, Okla. delivery hub dropped by 1.024 million barrels, according to the EIA.
Refineries increased output, while gasoline stocks decreased and distillate inventories increased, Reuters noted.
Brent crude for July delivery was up 1.02% to $65.54 a barrel as of 12:30 p.m. ET today, while U.S. crude for July delivery was rising 1.28% to $60.91 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."