Zacks Reiterates “Neutral” Rating for Denbury Resources (DNR)
Denbury Resources (NYSE:DNR)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued on Tuesday, American Banking and Market News reports. They currently have a $19.00 price target on the stock. Zacks‘ price target would suggest a potential upside of 6.26% from the stock’s previous close.
Zacks‘ analyst wrote, “We are reiterating our Neutral recommendation for Denbury Resources. The company’s second quarter 2013 earnings beat the Zacks Consensus Estimate on the back of higher production. With its unique profile, compelling economics and an unmatched infrastructure, Denbury is nicely positioned to deliver long-term sustainable growth. The Cedar Creek Anticline (CCA) deal adds to Denbury’s inventory of tertiary projects and emphasizes its synergies with the existing carbon dioxide (CO2) infrastructure. Additional positives for Denbury include a strong financial position, low-risk investments and an active divestment policy. However, we remain cautious due to high cost levels associated with the tertiary oil recovery method and harsh weather conditions that may restrict the activity level. “
Shares of Denbury Resources (NYSE:DNR) traded down 0.17% during mid-day trading on Tuesday, hitting $17.85. 1,393,720 shares of the company’s stock traded hands. Denbury Resources has a one year low of $14.24 and a one year high of $19.65. The stock has a 50-day moving average of $17.46 and a 200-day moving average of $17.86. The company has a market cap of $6.584 billion and a P/E ratio of 16.30.
Denbury Resources (NYSE:DNR) last released its earnings data on Tuesday, August 6th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.07. The company had revenue of $645.00 million for the quarter, compared to the consensus estimate of $637.51 million. During the same quarter last year, the company posted $0.35 earnings per share. Denbury Resources’s revenue was up 8.0% compared to the same quarter last year. Analysts expect that Denbury Resources will post $1.43 EPS for the current fiscal year.
A number of other firms have also recently commented on DNR. Analysts at UBS AG raised their price target on shares of Denbury Resources (NYSE:DNR) to $18.00 in a research note to investors on Wednesday, August 7th. Analysts at BMO Capital Markets initiated coverage on shares of Denbury Resources (NYSE:DNR) in a research note to investors on Tuesday, June 25th. They set a “market perform” rating and a $18.00 price target on the stock.
Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $22.07.
Denbury Resources Inc is an independent oil and natural gas company. As of December 31, 2011, the Company had 461.
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