Denbury Resources Inc. (DNR) Upgraded by Zacks Investment Research to “Hold”
Denbury Resources Inc. (NYSE:DNR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “Denbury Resources executed several capital projects which drove it’s stronger than expected second-quarter results. Denbury acquired 23% non-operated working interest in Salt Creek Field in Wyoming from Linn Energy. With its unique profile, compelling economics and unmatched infrastructure, Denbury is well positioned to deliver long-term sustainable growth. We appreciate the company’s cost-reduction initiatives and it has also raised its guidance for 2017 production. Moreover, Denbury’s niche, highly specialized strategy to increase oil recovery from mature depleted oil fields through tertiary CO2 flooding will help it grow in the future. However, Denbury Resources’ price has underperformed the broader market indices, over the last three months. We are also concerned with the high debt load of Denbury as reflected that the upstream player’s debt to equity ratio is significantly higher than the broader industry.”
Several other research analysts have also commented on DNR. BMO Capital Markets dropped their price target on Denbury Resources from $2.00 to $1.00 and set a “no rating at time” rating for the company in a research report on Friday, July 14th. UBS AG restated a “sell” rating and set a $1.50 target price (down previously from $2.00) on shares of Denbury Resources in a research report on Friday, May 5th. BidaskClub raised shares of Denbury Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Credit Suisse Group reissued an “underperform” rating and issued a $2.00 price objective on shares of Denbury Resources in a research note on Friday, June 2nd. Finally, ValuEngine downgraded shares of Denbury Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $2.66.
Denbury Resources (NYSE:DNR) traded down 0.355% during trading on Monday, reaching $1.405. The company had a trading volume of 1,909,616 shares. The firm’s 50-day moving average price is $1.46 and its 200 day moving average price is $2.14. The firm’s market capitalization is $547.81 million. Denbury Resources has a one year low of $1.27 and a one year high of $4.29.
Denbury Resources (NYSE:DNR) last issued its quarterly earnings data on Tuesday, August 8th. The oil and natural gas company reported $0.00 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.02. The firm had revenue of $261.20 million during the quarter, compared to analyst estimates of $248.66 million. Denbury Resources had a negative return on equity of 1.94% and a negative net margin of 35.24%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.08 earnings per share. Equities analysts forecast that Denbury Resources will post $0.01 earnings per share for the current fiscal year.
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Several institutional investors have recently bought and sold shares of DNR. Dimensional Fund Advisors LP boosted its position in shares of Denbury Resources by 8.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,462,003 shares of the oil and natural gas company’s stock valued at $12,741,000 after buying an additional 278,606 shares in the last quarter. Highbridge Capital Management LLC raised its stake in shares of Denbury Resources by 341.4% in the fourth quarter. Highbridge Capital Management LLC now owns 78,121 shares of the oil and natural gas company’s stock worth $288,000 after buying an additional 60,421 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Denbury Resources by 8.0% in the first quarter. Bank of Montreal Can now owns 860,915 shares of the oil and natural gas company’s stock worth $2,221,000 after buying an additional 64,130 shares during the last quarter. Capstone Asset Management Co. raised its stake in shares of Denbury Resources by 195.5% in the first quarter. Capstone Asset Management Co. now owns 71,238 shares of the oil and natural gas company’s stock worth $184,000 after buying an additional 47,130 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in shares of Denbury Resources by 64.7% in the first quarter. Louisiana State Employees Retirement System now owns 162,200 shares of the oil and natural gas company’s stock worth $418,000 after buying an additional 63,700 shares during the last quarter. 89.47% of the stock is owned by hedge funds and other institutional investors.
About Denbury Resources
Denbury Resources Inc is an independent oil and natural gas company. The Company’s operations are focused in 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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