Denbury Resources Inc. (DNR) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Denbury Resources Inc. (NYSE:DNR) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. They currently have $1.50 price objective on the oil and natural gas company’s stock.
According to Zacks, “Denbury Resources acquired 23% non-operated working interest in Salt Creek Field in Wyoming from Linn Energy. With its unique profile, compelling economics and unmatched infrastructure, Denbury Resources is well positioned to deliver long-term sustainable growth. We appreciate the company’s cost-reduction initiatives and it has also raised its guidance for 2017 production. In spite of the company’s field in the Gulf area being affected by tropical storm Harvey, its 2017 production estimate remains unaltered. Other positives for the company include low-risk investments, a strong financial position and an active divestment policy.”
Other analysts have also recently issued research reports about the stock. Imperial Capital began coverage on shares of Denbury Resources in a report on Tuesday, October 3rd. They issued an in-line rating and a $2.00 price objective on the stock. Stifel Nicolaus set a $1.00 price objective on shares of Denbury Resources and gave the stock a hold rating in a report on Friday, August 18th. Royal Bank Of Canada reaffirmed a hold rating and issued a $1.50 price objective on shares of Denbury Resources in a report on Friday, September 29th. KeyCorp reaffirmed a hold rating on shares of Denbury Resources in a report on Wednesday, September 6th. Finally, BidaskClub cut shares of Denbury Resources from a hold rating to a sell rating in a report on Monday, July 24th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. Denbury Resources presently has a consensus rating of Hold and a consensus price target of $2.06.
Shares of Denbury Resources (NYSE:DNR) opened at 1.26 on Tuesday. The stock has a 50 day moving average of $1.22 and a 200 day moving average of $1.60. The stock’s market cap is $491.28 million. Denbury Resources has a one year low of $0.91 and a one year high of $4.29.
Denbury Resources (NYSE:DNR) last released its quarterly earnings data on Tuesday, August 8th. The oil and natural gas company reported $0.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.02. Denbury Resources had a negative net margin of 35.24% and a negative return on equity of 1.94%. The business had revenue of $261.20 million for the quarter, compared to analysts’ expectations of $248.66 million. During the same quarter last year, the company earned $0.08 EPS. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities analysts expect that Denbury Resources will post $0.02 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in DNR. Cambridge Investment Research Advisors Inc. grew its position in Denbury Resources by 15.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 43,796 shares of the oil and natural gas company’s stock valued at $113,000 after buying an additional 5,900 shares in the last quarter. State of Alaska Department of Revenue grew its position in Denbury Resources by 77.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 78,166 shares of the oil and natural gas company’s stock valued at $119,000 after buying an additional 34,226 shares in the last quarter. Piedmont Investment Advisors LLC grew its position in Denbury Resources by 261.7% in the 2nd quarter. Piedmont Investment Advisors LLC now owns 86,127 shares of the oil and natural gas company’s stock valued at $132,000 after buying an additional 62,312 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in Denbury Resources in the 1st quarter valued at about $140,000. Finally, Teachers Retirement System of The State of Kentucky grew its position in Denbury Resources by 11.5% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 96,950 shares of the oil and natural gas company’s stock valued at $148,000 after buying an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 86.44% of the company’s stock.
Denbury Resources Company Profile
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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