Denbury Resources’ (DNR) “Buy” Rating Reaffirmed at Zacks Investment Research
Zacks Investment Research reiterated their buy rating on shares of Denbury Resources (NYSE:DNR) in a research report sent to investors on Tuesday morning. They currently have a $3.75 target price on the oil and natural gas company’s 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. 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. The firm has significant tertiary proved and potential oil equivalent reserves in both the Gulf Coast and Rocky Mountain areas. We also appreciate Denbury as the firm could manage to replace 127% of production during 2017 by reserves.”
Other equities research analysts have also issued research reports about the stock. Stifel Nicolaus boosted their price target on shares of Denbury Resources from $1.30 to $4.60 and gave the stock a hold rating in a report on Wednesday, August 1st. ValuEngine lowered shares of Denbury Resources from a sell rating to a strong sell rating in a report on Thursday, November 1st. Oppenheimer reissued a buy rating on shares of Denbury Resources in a report on Thursday, November 8th. TheStreet lowered shares of Denbury Resources from a c- rating to a d+ rating in a report on Friday, November 2nd. Finally, Johnson Rice raised shares of Denbury Resources from a hold rating to an accumulate rating in a report on Wednesday, August 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $4.84.
Denbury Resources (NYSE:DNR) last posted its earnings results on Thursday, November 8th. The oil and natural gas company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. Denbury Resources had a net margin of 18.81% and a return on equity of 27.79%. The firm had revenue of $395.00 million during the quarter, compared to analysts’ expectations of $348.39 million. During the same period in the previous year, the business posted $0.04 EPS. The business’s revenue was up 48.2% compared to the same quarter last year. As a group, equities research analysts forecast that Denbury Resources will post 0.48 earnings per share for the current fiscal year.
In related news, CAO James S. Matthews sold 20,000 shares of the business’s stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $4.86, for a total value of $97,200.00. Following the completion of the sale, the chief accounting officer now owns 459,949 shares of the company’s stock, valued at approximately $2,235,352.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.10% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in DNR. Alliancebernstein L.P. grew its holdings in shares of Denbury Resources by 118.7% during the third quarter. Alliancebernstein L.P. now owns 18,889,891 shares of the oil and natural gas company’s stock worth $117,117,000 after buying an additional 10,250,727 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Denbury Resources by 15.6% during the third quarter. BlackRock Inc. now owns 65,977,332 shares of the oil and natural gas company’s stock worth $409,060,000 after buying an additional 8,900,219 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Denbury Resources by 50.5% during the second quarter. Dimensional Fund Advisors LP now owns 19,489,262 shares of the oil and natural gas company’s stock worth $93,744,000 after buying an additional 6,542,311 shares in the last quarter. FMR LLC grew its holdings in shares of Denbury Resources by 29.9% during the third quarter. FMR LLC now owns 28,324,948 shares of the oil and natural gas company’s stock worth $175,615,000 after buying an additional 6,525,531 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Denbury Resources by 48.2% during the third quarter. JPMorgan Chase & Co. now owns 16,680,373 shares of the oil and natural gas company’s stock worth $103,419,000 after buying an additional 5,428,350 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.
Denbury Resources Company Profile
Denbury Resources Inc operates as an independent oil and natural gas company in the United States. It holds interests in various oil and natural gas properties located in Mississippi, Texas, Louisiana, and Alabama in the Gulf Coast region; and in Montana, North Dakota, and Wyoming in the Rocky Mountain region.
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