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 Tuesday. The 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 changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.
Several research firms have recently weighed in on DNR. Zacks Investment Research raised Denbury Resources from a “hold” rating to a “buy” rating and set a $5.00 target price for the company in a report on Tuesday, June 21st. Stifel Nicolaus raised Denbury Resources from a “sell” rating to a “hold” rating in a report on Wednesday, June 15th. Mizuho began coverage on Denbury Resources in a report on Wednesday, October 5th. They issued a “neutral” rating and a $3.00 target price for the company. Finally, Barclays PLC downgraded Denbury Resources from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $3.00 to $2.50 in a report on Wednesday, August 10th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $2.51.
Denbury Resources Inc. (NYSE:DNR) opened at 3.04 on Wednesday. The stock’s market capitalization is $1.13 billion. Denbury Resources Inc. has a 52 week low of $0.86 and a 52 week high of $4.80. The stock’s 50 day moving average price is $3.04 and its 200-day moving average price is $3.36.
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Denbury Resources (NYSE:DNR) last announced its earnings results on Thursday, August 4th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.06. The company earned $255.15 million during the quarter, compared to the consensus estimate of $285.70 million. Denbury Resources had a positive return on equity of 6.04% and a negative net margin of 361.13%. The company’s revenue was down 32.5% on a year-over-year basis. During the same period last year, the firm earned $0.13 earnings per share. Equities research analysts expect that Denbury Resources Inc. will post ($0.01) earnings per share for the current year.
In other news, Director Greg Mcmichael sold 10,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 89,379 shares in the company, valued at $279,756.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.86% of the company’s stock.
Several hedge funds have recently made changes to their positions in DNR. Capital Research Global Investors increased its position in Denbury Resources by 12.5% in the second quarter. Capital Research Global Investors now owns 37,158,795 shares of the company’s stock worth $133,400,000 after buying an additional 4,143,160 shares during the period. Vanguard Group Inc. increased its position in Denbury Resources by 9.0% in the second quarter. Vanguard Group Inc. now owns 29,204,940 shares of the company’s stock worth $104,845,000 after buying an additional 2,401,525 shares during the period. State Street Corp increased its position in Denbury Resources by 33.1% in the second quarter. State Street Corp now owns 22,391,214 shares of the company’s stock worth $80,384,000 after buying an additional 5,571,940 shares during the period. FMR LLC increased its position in Denbury Resources by 3.3% in the second quarter. FMR LLC now owns 18,204,572 shares of the company’s stock worth $65,354,000 after buying an additional 586,653 shares during the period. Finally, BlackRock Fund Advisors increased its position in Denbury Resources by 44.6% in the second quarter. BlackRock Fund Advisors now owns 18,196,413 shares of the company’s stock worth $65,325,000 after buying an additional 5,616,332 shares during the period. Institutional investors own 90.47% of the company’s stock.
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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