BMO Capital Markets Lowers Denbury Resources Inc. (NYSE:DNR) Price Target to $1.00
Denbury Resources Inc. (NYSE:DNR) had its price target cut by investment analysts at BMO Capital Markets from $2.00 to $1.00 in a research report issued on Friday. The brokerage presently has a “no rating at time” rating on the oil and natural gas company’s stock. BMO Capital Markets’ target price points to a potential downside of 31.03% from the company’s current price.
Several other brokerages have also weighed in on DNR. UBS Group AG assumed coverage on Denbury Resources in a report on Thursday, March 23rd. They issued a “sell” rating and a $2.00 price objective for the company. ValuEngine downgraded Denbury Resources from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Finally, Credit Suisse Group restated an “underperform” rating and issued a $2.00 target price on shares of Denbury Resources in a research note on Friday, June 2nd. Six equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $2.64.
Shares of Denbury Resources (NYSE:DNR) traded down 5.84% during midday trading on Friday, hitting $1.45. 5,486,173 shares of the stock were exchanged. Denbury Resources has a 1-year low of $1.27 and a 1-year high of $4.29. The firm’s market capitalization is $564.63 million. The stock’s 50-day moving average price is $1.59 and its 200-day moving average price is $2.62.
Denbury Resources (NYSE:DNR) last announced its quarterly earnings data on Thursday, May 4th. The oil and natural gas company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by $0.01. Denbury Resources had a positive return on equity of 2.49% and a negative net margin of 72.85%. The firm had revenue of $264 million during the quarter, compared to analysts’ expectations of $254.67 million. During the same period last year, the business posted ($0.03) EPS. The company’s revenue was up 35.5% compared to the same quarter last year. On average, analysts forecast that Denbury Resources will post $0.05 EPS for the current year.
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Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Denbury Resources by 15,599.0% in the first quarter. BlackRock Inc. now owns 47,422,302 shares of the oil and natural gas company’s stock worth $122,349,000 after buying an additional 47,120,229 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Denbury Resources by 18.3% in the first quarter. Vanguard Group Inc. now owns 56,483,974 shares of the oil and natural gas company’s stock worth $145,729,000 after buying an additional 8,753,615 shares in the last quarter. Norges Bank purchased a new position in shares of Denbury Resources during the fourth quarter worth $25,138,000. Dimensional Fund Advisors LP boosted its position in shares of Denbury Resources by 146.4% in the first quarter. Dimensional Fund Advisors LP now owns 8,529,233 shares of the oil and natural gas company’s stock worth $22,004,000 after buying an additional 5,067,230 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of Denbury Resources during the first quarter worth $7,407,000. 91.11% of the stock is currently owned by institutional investors.
About Denbury Resources
Denbury Resources Inc is an independent oil and natural gas company. The Company’s operations are focused in 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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