Denbury Resources Inc. (DNR) Bonds Trading 1.5% Lower
An issue of Denbury Resources Inc. (NYSE:DNR) debt fell 1.5% against its face value during trading on Tuesday. The high-yield issue of debt has a 4.625% coupon and will mature on July 15, 2023. The bonds in the issue are now trading at $72.25 and were trading at $73.25 last week. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its stock price.
A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Denbury Resources from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research note on Tuesday, November 8th. Mizuho initiated coverage on shares of Denbury Resources in a research report on Wednesday, October 5th. They set a “neutral” rating and a $3.00 target price on the stock. Barclays PLC lowered shares of Denbury Resources from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $3.00 to $2.50 in a research report on Wednesday, August 10th. Johnson Rice reaffirmed a “hold” rating on shares of Denbury Resources in a research report on Tuesday, October 18th. Finally, Nomura reaffirmed a “sell” rating and set a $3.00 target price on shares of Denbury Resources in a research report on Monday, November 7th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $2.59.
Shares of Denbury Resources Inc. (NYSE:DNR) opened at 3.78 on Thursday. Denbury Resources Inc. has a one year low of $0.86 and a one year high of $4.80. The company’s market cap is $1.47 billion. The firm has a 50-day moving average of $2.83 and a 200 day moving average of $3.27.
Several institutional investors have recently added to or reduced their stakes in DNR. Henderson Group PLC boosted its position in Denbury Resources by 38.0% in the second quarter. Henderson Group PLC now owns 2,686,257 shares of the company’s stock valued at $9,644,000 after buying an additional 740,363 shares in the last quarter. Gargoyle Investment Advisor L.L.C. purchased a new position in Denbury Resources during the second quarter valued at $376,000. Whitebox Advisors LLC purchased a new position in Denbury Resources during the second quarter valued at $4,222,000. Bank of Montreal Can purchased a new position in Denbury Resources during the second quarter valued at $4,495,000. Finally, Oakbrook Investments LLC boosted its position in 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. 91.09% of the stock is owned by institutional investors and hedge funds.
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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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