Denbury Resources Inc. (DNR) Downgraded by Zacks Investment Research to “Hold”
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, crude price recovery from the mid-February lows is definitely favorable for upstream energy players like Denbury Resources. However, the company’s lower production in 2016 than the prior year might negatively impact cash flow.”
A number of other brokerages also recently weighed in on DNR. Johnson Rice reaffirmed a hold rating on shares of Denbury Resources in a research report on Tuesday, October 18th. Nomura restated a sell rating and issued a $3.00 target price on shares of Denbury Resources in a research report on Monday, November 7th. Mizuho began coverage on shares of Denbury Resources in a research report on Wednesday, October 5th. They issued a neutral rating and a $3.00 target price for the company. Finally, Barclays PLC cut shares of Denbury Resources from an equal weight rating to an underweight rating and decreased their target price for the stock from $3.00 to $2.50 in a research report on Wednesday, August 10th. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The company currently has an average rating of Hold and an average target price of $2.54.
Shares of Denbury Resources (NYSE:DNR) traded up 0.67% during midday trading on Thursday, reaching $3.02. 1,956,284 shares of the company were exchanged. The stock’s market capitalization is $1.17 billion. Denbury Resources has a 52-week low of $0.86 and a 52-week high of $4.80. The company’s 50-day moving average price is $2.85 and its 200 day moving average price is $3.30.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Group LTD raised its position in Denbury Resources by 4.2% in the first quarter. BlackRock Group LTD now owns 347,956 shares of the company’s stock worth $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 worth $622,000 after buying an additional 173,215 shares during the period. 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 worth $23,148,000 after buying an additional 161,984 shares during the period. UBS Group AG increased its stake in shares of 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 during the period. Finally, Nomura Holdings Inc. increased its stake in shares of Denbury Resources by 3,617.1% in the second quarter. Nomura Holdings Inc. now owns 3,234,000 shares of the company’s stock worth $11,608,000 after buying an additional 3,146,996 shares during the period. 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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