Zacks Investment Research upgraded shares of Denbury Resources Inc. (NYSE:DNR) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $3.50 target price on the stock.

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.”

Several other equities research analysts also recently issued reports on DNR. Mizuho assumed coverage on shares of Denbury Resources in a research report on Wednesday, October 5th. They set a neutral rating and a $3.00 price objective for the company. Barclays PLC downgraded shares of Denbury Resources from an equal weight rating to an underweight rating and lowered their price objective for the stock from $3.00 to $2.50 in a research report on Wednesday, August 10th. Johnson Rice reissued a hold rating on shares of Denbury Resources in a research report on Tuesday, October 18th. Finally, Nomura reissued a sell rating and set a $3.00 price objective on shares of Denbury Resources in a research report on Monday, November 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $2.59.

Denbury Resources (NYSE:DNR) traded down 0.94% on Tuesday, reaching $3.16. 519,445 shares of the company’s stock were exchanged. The firm’s market cap is $1.23 billion. Denbury Resources has a 12 month low of $0.86 and a 12 month high of $4.80. The firm’s 50-day moving average is $2.84 and its 200-day moving average is $3.29.

Hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Denbury Resources by 0.6% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 97,195 shares of the company’s stock valued at $314,000 after buying an additional 592 shares during the period. Amalgamated Bank boosted its stake in shares of Denbury Resources by 2.0% in the second quarter. Amalgamated Bank now owns 40,571 shares of the company’s stock valued at $116,000 after buying an additional 783 shares during the period. World Asset Management Inc boosted its stake 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 during the period. State Treasurer State of Michigan boosted its stake in shares of Denbury Resources by 1.4% in the second quarter. State Treasurer State of Michigan now owns 140,692 shares of the company’s stock valued at $505,000 after buying an additional 1,900 shares during the period. Finally, Municipal Employees Retirement System of Michigan boosted its stake in shares of Denbury Resources by 1.4% in the third quarter. Municipal Employees Retirement System of Michigan now owns 157,400 shares of the company’s stock valued at $508,000 after buying an additional 2,230 shares during the period. Institutional investors and hedge funds own 90.88% of the company’s stock.

TRADEMARK VIOLATION WARNING: “Denbury Resources Inc. (DNR) Upgraded to “Buy” by Zacks Investment Research” was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece on another site, it was illegally copied and reposted in violation of international copyright and trademark legislation. The correct version of this piece can be viewed at https://www.thecerbatgem.com/2016/11/23/denbury-resources-inc-dnr-upgraded-to-buy-by-zacks-investment-research.html.

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.

5 Day Chart for NYSE:DNR

Receive News & Stock Ratings for Denbury Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Denbury Resources Inc. and related stocks with our FREE daily email newsletter.