NEW YORK (TheStreet) -- Shares of Denbury Resources (DNR) are down by 1.32% to $6.71 in late afternoon trading on Friday, as some energy and related stocks fall today due to the decline in oil prices.
Crude oil (WTI) is slipping by 1.30% to $59.98 per barrel and Brent crude is retreating by 2.03% to $63.79 per barrel this afternoon, according to the CNBC.com index.
Oil prices are being driven into the red as Saudi Arabia said it is prepared to raise its oil output to new record highs, Reuters reports. The Middle Eastern country is the world's largest oil exporter.
The dollar is stronger against the euro today, which has also led to the decline in the dollar dominated oil market.
Additionally, oilfield services firm Baker Hughes (BHI) reported that the U.S. rig count fell for the 27th consecutive week by seven to 635 rigs.
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."