Denbury Resources Inc. (DNR) Bonds Rise 2.3% During Trading
An issue of Denbury Resources Inc. (NYSE:DNR) debt rose 2.3% as a percentage of its face value during trading on Monday. 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 debt in credit markets often predict parallel changes in its stock price.
DNR has been the subject of several recent research reports. Stifel Nicolaus raised shares of Denbury Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, June 15th. Zacks Investment Research raised shares of Denbury Resources from a “hold” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Tuesday, June 21st. Barclays PLC downgraded shares of Denbury Resources from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $3.00 to $2.50 in a research report on Wednesday, August 10th. Finally, Mizuho initiated coverage on shares of Denbury Resources in a research report on Wednesday, October 5th. They issued a “neutral” rating and a $3.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $2.51.
Denbury Resources Inc. (NYSE:DNR) opened at 3.18 on Tuesday. Denbury Resources Inc. has a 52 week low of $0.86 and a 52 week high of $4.80. The company’s market capitalization is $1.18 billion. The company’s 50-day moving average price is $3.03 and its 200 day moving average price is $3.36.
Denbury Resources (NYSE:DNR) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.06. The business earned $255.15 million during the quarter, compared to analyst estimates 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 was down 32.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 EPS. On average, equities research analysts anticipate that Denbury Resources Inc. will post ($0.01) EPS for the current year.
In related news, Director Greg Mcmichael sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $3.13, for a total value of $31,300.00. Following the completion of the sale, the director now directly owns 89,379 shares in the company, valued at approximately $279,756.27. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.86% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Clinton Group Inc. raised its stake in Denbury Resources by 83.6% in the second quarter. Clinton Group Inc. now owns 28,493 shares of the company’s stock valued at $102,000 after buying an additional 12,970 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of Denbury Resources during the second quarter valued at approximately $109,000. Oakbrook Investments LLC increased its position in shares of Denbury Resources by 80.5% in the second quarter. Oakbrook Investments LLC now owns 28,700 shares of the company’s stock valued at $103,000 after buying an additional 12,800 shares in the last quarter. World Asset Management Inc increased its position in shares of Denbury Resources by 6.6% in the second quarter. World Asset Management Inc now owns 29,375 shares of the company’s stock valued at $105,000 after buying an additional 1,829 shares in the last quarter. Finally, Acrospire Investment Management LLC acquired a new position in shares of Denbury Resources during the second quarter valued at approximately $111,000. Hedge funds and other 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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