Denbury Resources Inc. (DNR) Bond Prices Rise 2.3%
An issue of Denbury Resources Inc. (NYSE:DNR) bonds rose 2.3% against their face value during trading on Friday. The high-yield issue of debt has a 5.5% coupon and will mature on May 1, 2022. The debt is now trading at $81.75 and was trading at $71.00 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.
Several equities research analysts have recently commented on the stock. Mizuho assumed coverage on shares of Denbury Resources in a research report on Wednesday. They set a “neutral” rating and a $3.00 price target for the company. Zacks Investment Research upgraded shares of Denbury Resources from a “hold” rating to a “buy” rating and set a $3.25 price target for the company in a research report on Wednesday, August 10th. Barclays PLC cut shares of Denbury Resources from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $3.00 to $2.50 in a research report on Wednesday, August 10th. Finally, Stifel Nicolaus upgraded shares of Denbury Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, June 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $2.51.
Denbury Resources Inc. (NYSE:DNR) opened at 2.98 on Friday. The stock has a 50 day moving average of $3.03 and a 200 day moving average of $3.34. Denbury Resources Inc. has a 12-month low of $0.86 and a 12-month high of $4.80. The firm’s market cap is $1.10 billion.
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Denbury Resources (NYSE:DNR) last posted its earnings results on Thursday, August 4th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.06. The firm earned $255.15 million during the quarter, compared to analysts’ expectations of $285.70 million. Denbury Resources had a negative net margin of 361.13% and a positive return on equity of 6.04%. The business’s revenue for the quarter was down 32.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.13 earnings per share. On average, equities research analysts anticipate 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 stock in a transaction dated Monday, August 15th. The shares were 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.86% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Clinton Group Inc. raised its position in shares of 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 during the period. Oakbrook Investments LLC raised its position in shares of 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 during the period. World Asset Management Inc raised its position in shares of 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 during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of Denbury Resources during the second quarter worth about $109,000. Finally, Acrospire Investment Management LLC acquired a new position in shares of Denbury Resources during the second quarter worth about $111,000. Institutional investors and hedge funds own 90.47% of the company’s stock.
About Denbury Resources
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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