Denbury Resources Inc. (DNR) Bond Prices Rise 2.3%
An issue of Denbury Resources Inc. (NYSE:DNR) bonds rose 2.3% against their face value during trading on Friday. The high-yield issue of debt has a 5.5% coupon and is set to mature on May 1, 2022. The debt is now trading at $81.75 and was trading at $71.00 last week. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its stock price.
A number of brokerages recently weighed in on DNR. Mizuho began coverage on Denbury Resources in a report on Wednesday. They set a “neutral” rating and a $3.00 price objective on the stock. Barclays PLC lowered Denbury Resources from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $3.00 to $2.50 in a report on Wednesday, August 10th. Zacks Investment Research raised Denbury Resources from a “hold” rating to a “buy” rating and set a $5.00 target price on the stock in a report on Tuesday, June 21st. Finally, Stifel Nicolaus raised Denbury Resources from a “sell” rating to a “hold” rating in a report on Wednesday, June 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. Denbury Resources currently has a consensus rating of “Hold” and an average price target of $2.51.
Denbury Resources Inc. (NYSE:DNR) traded down 8.02% during trading on Friday, reaching $2.98. The company had a trading volume of 11,102,131 shares. The stock has a 50 day moving average price of $3.03 and a 200 day moving average price of $3.34. Denbury Resources Inc. has a 12 month low of $0.86 and a 12 month high of $4.80. The firm’s market capitalization is $1.10 billion.
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 firm had revenue of $255.15 million for 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 firm’s revenue for the quarter was down 32.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.13 EPS. On average, equities research analysts predict that Denbury Resources Inc. will post ($0.01) earnings per share for the current year.
In other Denbury Resources news, Director Greg Mcmichael sold 10,000 shares of Denbury Resources stock in a transaction 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 sale, the director now owns 89,379 shares of the company’s stock, valued at approximately $279,756.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.86% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Group LTD increased its stake in shares of Denbury Resources by 4.2% in the first quarter. BlackRock Group LTD now owns 347,956 shares of the company’s stock valued at $772,000 after buying an additional 14,037 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Denbury Resources by 100,706.4% in the second quarter. BNP Paribas Arbitrage SA now owns 173,387 shares of the company’s stock valued at $622,000 after buying an additional 173,215 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Denbury Resources by 1.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 10,426,953 shares of the company’s stock valued at $23,148,000 after buying an additional 161,984 shares during the last quarter. UBS Group AG increased its stake in Denbury Resources by 3,483.2% in the first quarter. UBS Group AG now owns 693,020 shares of the company’s stock worth $1,538,000 after buying an additional 673,679 shares in the last quarter. Finally, Quantbot Technologies LP increased its stake in Denbury Resources by 472.0% in the second quarter. Quantbot Technologies LP now owns 67,673 shares of the company’s stock worth $242,000 after buying an additional 55,843 shares in the last quarter. 90.47% of the stock is currently 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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