Denbury Resources (DNR) Upgraded at Zacks Investment Research

Denbury Resources (NYSE:DNR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $2.25 target price on the oil and natural gas company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 16.58% from the company’s previous close.

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 2.8, which is below the industry average of 11.6. Other positives for the company include low-risk investments, a strong financial position and an active divestment policy.”

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada restated a “hold” rating and issued a $2.00 price target on shares of Denbury Resources in a report on Wednesday, December 20th. Mizuho upgraded shares of Denbury Resources from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. BMO Capital Markets set a $1.00 target price on shares of Denbury Resources and gave the company a “hold” rating in a research note on Tuesday, October 10th. ValuEngine cut shares of Denbury Resources from a “hold” rating to a “sell” rating in a research note on Sunday, December 31st. Finally, KeyCorp reiterated a “hold” rating on shares of Denbury Resources in a research note on Monday, November 13th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. Denbury Resources currently has a consensus rating of “Hold” and an average price target of $2.09.

Shares of Denbury Resources (NYSE:DNR) traded down $0.15 during trading hours on Wednesday, hitting $1.93. 8,575,545 shares of the company’s stock were exchanged, compared to its average volume of 9,947,683. Denbury Resources has a 1-year low of $0.92 and a 1-year high of $3.67. The stock has a market cap of $874.61, a PE ratio of -2.23 and a beta of 3.49. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 5.91.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp raised its holdings in Denbury Resources by 1.8% during the 2nd quarter. State Street Corp now owns 21,829,124 shares of the oil and natural gas company’s stock valued at $33,402,000 after acquiring an additional 380,034 shares during the period. Dimensional Fund Advisors LP grew its position in Denbury Resources by 18.5% in the second quarter. Dimensional Fund Advisors LP now owns 10,103,099 shares of the oil and natural gas company’s stock worth $15,458,000 after acquiring an additional 1,573,866 shares in the last quarter. Northern Trust Corp boosted its position in Denbury Resources by 8.4% during the second quarter. Northern Trust Corp now owns 4,859,338 shares of the oil and natural gas company’s stock valued at $7,436,000 after buying an additional 376,512 shares during the period. California Public Employees Retirement System boosted its position in Denbury Resources by 7.2% during the third quarter. California Public Employees Retirement System now owns 3,485,073 shares of the oil and natural gas company’s stock valued at $4,670,000 after buying an additional 233,475 shares during the period. Finally, Janus Henderson Group PLC boosted its position in Denbury Resources by 778.1% during the third quarter. Janus Henderson Group PLC now owns 3,142,630 shares of the oil and natural gas company’s stock valued at $4,211,000 after buying an additional 2,784,747 shares during the period. Hedge funds and other institutional investors own 80.12% 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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