Denbury Resources (DNR) Downgraded by Zacks Investment Research
Denbury Resources (NYSE:DNR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “With its unique profile, compelling economics and unmatched infrastructure, Denbury Resources is well positioned to deliver long-term sustainable growth. Denbury’s acquisition of 23% non-operated working interest in Salt Creek Field in Wyoming from Linn Energy has also contributed considerably during the quarter. We appreciate the company’s cost-reduction initiatives. In spite of the company’s field in the Gulf area being affected by tropical storm Harvey, its 2017 production estimate remains unaltered. Moreover, Denbury seems undervalued as it has an average trailing 12-month EV/EBITDA ratio of 2.7, which is below the industry average of 11.4. Other positives for the company include low-risk investments, a strong financial position and an active divestment policy.”
DNR has been the topic of a number of other reports. KeyCorp restated a “hold” rating on shares of Denbury Resources in a research report on Monday, November 13th. BMO Capital Markets set a $1.00 price target on Denbury Resources and gave the stock a “hold” rating in a research report on Tuesday, October 10th. Imperial Capital began coverage on Denbury Resources in a research report on Tuesday, October 3rd. They set an “in-line” rating and a $2.00 price target on the stock. Royal Bank Of Canada restated a “hold” rating and set a $1.50 price target on shares of Denbury Resources in a research report on Friday, September 29th. Finally, BidaskClub lowered Denbury Resources from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 24th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. Denbury Resources currently has an average rating of “Hold” and an average target price of $1.94.
Denbury Resources (NYSE:DNR) last released its quarterly earnings data on Tuesday, November 7th. The oil and natural gas company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.05. Denbury Resources had a positive return on equity of 0.28% and a negative net margin of 32.50%. The company had revenue of $266.56 million for the quarter, compared to analyst estimates of $261.84 million. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. analysts forecast that Denbury Resources will post 0.06 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DNR. Sei Investments Co. lifted its holdings in Denbury Resources by 0.4% during the 2nd quarter. Sei Investments Co. now owns 268,469 shares of the oil and natural gas company’s stock worth $411,000 after buying an additional 1,059 shares in the last quarter. Texas Permanent School Fund lifted its holdings in Denbury Resources by 0.9% during the 2nd quarter. Texas Permanent School Fund now owns 290,828 shares of the oil and natural gas company’s stock worth $445,000 after buying an additional 2,568 shares in the last quarter. Teachers Advisors LLC lifted its holdings in Denbury Resources by 1.3% during the 1st quarter. Teachers Advisors LLC now owns 616,101 shares of the oil and natural gas company’s stock worth $1,590,000 after buying an additional 8,116 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in Denbury Resources by 11.5% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 96,950 shares of the oil and natural gas company’s stock worth $148,000 after buying an additional 10,000 shares in the last quarter. Finally, Thrivent Financial For Lutherans lifted its holdings in Denbury Resources by 4.6% during the 2nd quarter. Thrivent Financial For Lutherans now owns 236,150 shares of the oil and natural gas company’s stock worth $361,000 after buying an additional 10,380 shares in the last quarter. Institutional investors and hedge funds own 80.27% of the company’s stock.
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Denbury Resources Company Profile
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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