Denbury Resources Inc. (DNR) Bonds Rise 2.3% During Trading
An issue of Denbury Resources Inc. (NYSE:DNR) debt rose 2.3% against its face value during trading on Monday. The high-yield debt issue has a 5.5% coupon and is set to mature on May 1, 2022. The bonds in the issue are now trading at $81.75 and were trading at $71.00 one week ago. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.
Several brokerages have commented on DNR. Mizuho began coverage on Denbury Resources in a research report on Wednesday, October 5th. They issued a “neutral” rating and a $3.00 price target on the stock. Barclays PLC downgraded Denbury Resources from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $3.00 to $2.50 in a research report on Wednesday, August 10th. Zacks Investment Research raised Denbury Resources from a “hold” rating to a “buy” rating and set a $5.00 price target on the stock in a research report on Tuesday, June 21st. Finally, Stifel Nicolaus raised Denbury Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, June 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $2.51.
Shares of Denbury Resources Inc. (NYSE:DNR) opened at 3.18 on Tuesday. The firm has a 50-day moving average price of $3.03 and a 200-day moving average price of $3.36. The company’s market capitalization is $1.18 billion. 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 issued its quarterly earnings results on Thursday, August 4th. The company reported $0.08 EPS for the quarter, beating the 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 firm earned $255.15 million during the quarter, compared to analysts’ expectations of $285.70 million. During the same period in the prior year, the firm posted $0.13 earnings per share. The business’s quarterly 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 year.
In related news, Director Greg Mcmichael sold 10,000 shares of the stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $3.13, for a total transaction of $31,300.00. Following the completion of the transaction, the director now directly owns 89,379 shares of the company’s stock, valued at $279,756.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.86% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Foundry Partners LLC boosted its position in shares of Denbury Resources by 4.0% in the third quarter. Foundry Partners LLC now owns 775,446 shares of the company’s stock valued at $2,505,000 after buying an additional 29,547 shares during the period. Nomura Holdings Inc. boosted its stake in Denbury Resources by 3,617.1% in the second quarter. Nomura Holdings Inc. now owns 3,234,000 shares of the company’s stock worth $11,608,000 after buying an additional 3,146,996 shares during the last quarter. Mason Street Advisors LLC acquired a new stake in Denbury Resources during the second quarter worth about $574,000. Sterling Capital Management LLC boosted its stake in Denbury Resources by 142.6% in the second quarter. Sterling Capital Management LLC now owns 936,630 shares of the company’s stock worth $3,362,000 after buying an additional 550,614 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in Denbury Resources by 59.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,053,586 shares of the company’s stock worth $7,373,000 after buying an additional 761,725 shares during the last quarter. 90.47% of the stock is owned by hedge funds and other institutional investors.
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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