Denbury Resources Inc. (DNR) Rating Increased to Buy at Zacks Investment Research
Denbury Resources Inc. (NYSE:DNR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $3.00 price objective on the stock. Zacks Investment Research’s target price indicates a potential upside of 4.90% from the company’s current price.
According to Zacks, “With its unique profile, compelling economics and unmatched infrastructure, Denbury Resources’ is positioned well to deliver long-term sustainable growth. We appreciate the company’s cost-reduction initiatives that drove its better-than-expected results in third-quarter 2016. 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. Most importantly, oil prices have recovered significantly from the mid-February lows and there is further room for crude price improvement following the OPEC’s decision to lower output amid oversupplied commodity market. The development on this front is definitely favorable for upstream energy players like Denbury Resources as it will be able to sell the commodity at higher prices.”
Several other equities research analysts also recently commented on the stock. Nomura reiterated a “sell” rating and set a $3.00 target price on shares of Denbury Resources in a research report on Monday. Johnson Rice restated a “hold” rating on shares of Denbury Resources in a report on Tuesday, October 18th. Mizuho assumed coverage on shares of Denbury Resources in a report on Wednesday, October 5th. They set a “neutral” rating and a $3.00 price target for the company. Finally, Barclays PLC lowered shares of Denbury Resources from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $3.00 to $2.50 in a report on Wednesday, August 10th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $2.54.
Denbury Resources (NYSE:DNR) opened at 2.85 on Tuesday. The firm’s market cap is $1.11 billion. The company’s 50-day moving average is $2.83 and its 200 day moving average is $3.35. Denbury Resources has a one year low of $0.86 and a one year high of $4.80.
In other Denbury Resources news, Director Greg Mcmichael sold 10,000 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $3.13, for a total transaction of $31,300.00. Following the completion of the sale, the director now owns 89,379 shares in the company, valued at approximately $279,756.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.86% of the company’s stock.
A number of hedge funds have recently made changes to their positions in DNR. Capital Research Global Investors raised its stake in shares of Denbury Resources by 12.5% in the second quarter. Capital Research Global Investors now owns 37,158,795 shares of the company’s stock worth $133,400,000 after buying an additional 4,143,160 shares during the period. Vanguard Group Inc. increased its position in Denbury Resources by 9.0% in the second quarter. Vanguard Group Inc. now owns 29,204,940 shares of the company’s stock worth $104,845,000 after buying an additional 2,401,525 shares in the last quarter. State Street Corp increased its position in Denbury Resources by 33.1% in the second quarter. State Street Corp now owns 22,391,214 shares of the company’s stock worth $80,384,000 after buying an additional 5,571,940 shares in the last quarter. BlackRock Fund Advisors increased its position in Denbury Resources by 11.5% in the third quarter. BlackRock Fund Advisors now owns 20,292,061 shares of the company’s stock worth $65,543,000 after buying an additional 2,095,648 shares in the last quarter. Finally, FMR LLC increased its position in Denbury Resources by 3.3% in the second quarter. FMR LLC now owns 18,204,572 shares of the company’s stock worth $65,354,000 after buying an additional 586,653 shares in the last quarter. Institutional investors and hedge funds own 90.47% of the company’s stock.
About Denbury Resources
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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