Denbury Resources Stock Rating Reaffirmed by Zacks (DNR)
Denbury Resources (NYSE:DNR)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Wednesday. They currently have a $18.00 target price on the stock. Zacks‘s price objective would indicate a potential upside of 7.02% from the company’s current price.
Zacks’ analyst wrote, “We are reiterating our Neutral recommendation for Denbury Resources. With its unique profile, compelling economics and 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 infrastructure. Additional positives for Denbury include a strong financial position, low-risk investments and an active divestment policy. However, the company’s second quarter 2014 earnings were lower year over year due to lower price realization, as well as higher lease operating expenses and depletion, depreciation and amortization. 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. “
A number of other analysts have also recently weighed in on DNR. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Denbury Resources in a research note on Friday, August 8th. They now have a $17.60 price target on the stock, down previously from $17.90. Separately, analysts at Barclays raised their price target on shares of Denbury Resources from $20.00 to $24.00 in a research note on Wednesday, July 23rd. Finally, analysts at SunTrust raised their price target on shares of Denbury Resources from $17.00 to $19.00 in a research note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. Denbury Resources has an average rating of “Hold” and an average price target of $20.62.
Shares of Denbury Resources (NYSE:DNR) traded down 0.48% during mid-day trading on Wednesday, hitting $16.74. The stock had a trading volume of 1,096,342 shares. Denbury Resources has a 52-week low of $15.56 and a 52-week high of $19.61. The stock has a 50-day moving average of $17.29 and a 200-day moving average of $16.90. The company has a market cap of $5.822 billion and a price-to-earnings ratio of 30.75.
Denbury Resources (NYSE:DNR) last released its earnings data on Wednesday, August 6th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by $0.01. The company had revenue of $669.00 million for the quarter, compared to the consensus estimate of $628.06 million. During the same quarter in the previous year, the company posted $0.41 earnings per share. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts expect that Denbury Resources will post $1.08 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 30th. Shareholders of record on Tuesday, August 26th will be given a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Friday, August 22nd.
Denbury Resources Inc is an independent oil and natural gas company. As of December 31, 2011, the Company had 461.
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