Denbury Resources (DNR) Stock Rating Lowered by Zacks Investment Research
Denbury Resources (NYSE:DNR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “With its unique profile, compelling economics and unmatched infrastructure, Denbury Resources is well positioned to deliver long-term sustainable growth. Denbury’s acquisition of 23% non-operated working interest in Salt Creek Field in Wyoming from Linn Energy has also contributed considerably during the quarter. We appreciate the company’s cost-reduction initiatives. In spite of the company’s field in the Gulf area being affected by tropical storm Harvey, its 2017 production estimate remains unaltered. Moreover, Denbury seems undervalued as it has an average trailing 12-month EV/EBITDA ratio of 2.7, which is below the industry average of 11.4. Other positives for the company include low-risk investments, a strong financial position and an active divestment policy.”
A number of other equities research analysts have also recently commented on the stock. Royal Bank Of Canada set a $2.00 target price on shares of Denbury Resources and gave the company a “hold” rating in a research report on Friday, August 25th. KeyCorp reiterated a “hold” rating on shares of Denbury Resources in a research report on Monday, November 13th. BidaskClub cut shares of Denbury Resources from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 24th. BMO Capital Markets reiterated a “hold” rating and issued a $1.00 target price on shares of Denbury Resources in a research report on Friday, September 1st. Finally, Imperial Capital started coverage on shares of Denbury Resources in a research report on Tuesday, October 3rd. They issued an “in-line” rating and a $2.00 target price for the company. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. Denbury Resources presently has an average rating of “Hold” and an average target price of $1.94.
Denbury Resources (NYSE:DNR) last issued its earnings results on Tuesday, November 7th. The oil and natural gas company reported $0.04 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.05. The business had revenue of $266.56 million during the quarter, compared to analysts’ expectations of $261.84 million. Denbury Resources had a negative net margin of 32.50% and a positive return on equity of 0.28%. Denbury Resources’s revenue for the quarter was up 4.9% compared to the same quarter last year. sell-side analysts forecast that Denbury Resources will post 0.08 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. California Public Employees Retirement System grew its holdings in shares of Denbury Resources by 7.2% in the third quarter. California Public Employees Retirement System now owns 3,485,073 shares of the oil and natural gas company’s stock valued at $4,670,000 after purchasing an additional 233,475 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Denbury Resources by 778.1% in the third quarter. Janus Henderson Group PLC now owns 3,142,630 shares of the oil and natural gas company’s stock valued at $4,211,000 after purchasing an additional 2,784,747 shares during the period. Schroder Investment Management Group purchased a new stake in shares of Denbury Resources in the third quarter valued at about $184,000. LMR Partners LLP purchased a new stake in shares of Denbury Resources in the third quarter valued at about $140,000. Finally, Macquarie Group Ltd. purchased a new stake in shares of Denbury Resources in the third quarter valued at about $423,000. 80.27% of the stock is owned by hedge funds and other institutional investors.
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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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