Denbury Resources Inc. (DNR) Bonds Rise 1.9% During Trading
An issue of Denbury Resources Inc. (NYSE:DNR) debt rose 1.9% against its face value during trading on Wednesday. The high-yield debt issue has a 5.5% coupon and is set to mature on May 1, 2022. The debt is now trading at $67.88 and was trading at $64.50 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
A number of brokerages have weighed in on DNR. Barclays PLC lowered shares of Denbury Resources from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $3.00 to $2.50 in a research note on Wednesday, August 10th. Zacks Investment Research lowered shares of Denbury Resources from a “buy” rating to a “hold” rating in a research note on Monday, July 18th. Finally, Stifel Nicolaus raised shares of Denbury Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, June 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. Denbury Resources presently has a consensus rating of “Hold” and a consensus target price of $2.70.
Shares of Denbury Resources Inc. (NYSE:DNR) opened at 2.77 on Thursday. The firm’s market capitalization is $1.03 billion. The stock has a 50 day moving average of $3.02 and a 200-day moving average of $3.30. Denbury Resources Inc. has a 12-month low of $0.86 and a 12-month high of $4.80.
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Denbury Resources (NYSE:DNR) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.06. Denbury Resources had a positive return on equity of 6.04% and a negative net margin of 361.13%. The company earned $255.15 million during the quarter, compared to the consensus estimate of $285.70 million. During the same quarter in the prior year, the firm posted $0.13 earnings per share. The firm’s revenue was down 32.5% compared to the same quarter last year. On average, equities research analysts predict that Denbury Resources Inc. will post ($0.01) EPS for the current fiscal year.
In other news, Director Greg Mcmichael sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $3.13, for a total value of $31,300.00. Following the completion of the transaction, the director now owns 89,379 shares of the company’s stock, valued at $279,756.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.86% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Clinton Group Inc. increased its stake in Denbury Resources by 83.6% in the second quarter. Clinton Group Inc. now owns 28,493 shares of the company’s stock worth $102,000 after buying an additional 12,970 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in Denbury Resources during the second quarter worth $109,000. Oakbrook Investments LLC increased its stake in Denbury Resources by 80.5% in the second quarter. Oakbrook Investments LLC now owns 28,700 shares of the company’s stock worth $103,000 after buying an additional 12,800 shares in the last quarter. World Asset Management Inc increased its stake in Denbury Resources by 6.6% in the second quarter. World Asset Management Inc now owns 29,375 shares of the company’s stock worth $105,000 after buying an additional 1,829 shares in the last quarter. Finally, Acrospire Investment Management LLC purchased a new stake in Denbury Resources during the second quarter worth $111,000. 90.47% of the stock is owned by institutional investors and hedge funds.
Denbury Resources Company Profile
Denbury Resources Inc is an independent oil and natural gas company. The Company’s operations are focused on two operating areas: the Gulf Coast and Rocky Mountain regions. Its properties with proved and producing reserves in the Gulf Coast region are situated in Mississippi, Texas, Louisiana and Alabama, and in the Rocky Mountain region are situated in Montana, North Dakota and Wyoming.
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