Zacks Investment Research upgraded shares of Denbury Resources (NYSE:DNR) from a hold rating to a strong-buy rating in a report published on Tuesday. The firm currently has $2.50 price target on the oil and natural gas company’s stock.
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 2.9, which is below the industry average of 11.9. Other positives for the company include low-risk investments, a strong financial position and an active divestment policy.”
Several other equities analysts have also weighed in on DNR. Royal Bank of Canada restated a hold rating and set a $1.50 price target on shares of Denbury Resources in a research report on Friday, September 29th. Imperial Capital initiated coverage on shares of Denbury Resources in a research report on Tuesday, October 3rd. They set an in-line rating and a $2.00 price target for the company. BMO Capital Markets set a $1.00 price target on shares of Denbury Resources and gave the company a hold rating in a research report on Tuesday, October 10th. KeyCorp restated a hold rating on shares of Denbury Resources in a research report on Monday, November 13th. Finally, ValuEngine lowered shares of Denbury Resources from a hold rating to a sell rating in a research report on Sunday, December 31st. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $2.13.
Denbury Resources (NYSE:DNR) traded up $0.08 on Tuesday, reaching $2.43. 6,773,646 shares of the company traded hands, compared to its average volume of 9,540,000. The company has a market capitalization of $979.40, a price-to-earnings ratio of -2.70 and a beta of 3.56. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.53 and a current ratio of 0.53. Denbury Resources has a one year low of $0.91 and a one year high of $3.90.
Denbury Resources (NYSE:DNR) last posted its quarterly earnings results on Tuesday, November 7th. The oil and natural gas company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. The company had revenue of $266.56 million during the quarter, compared to analyst estimates of $261.84 million. Denbury Resources had a negative net margin of 32.50% and a positive return on equity of 0.28%. The business’s revenue was up 4.9% on a year-over-year basis. equities analysts predict that Denbury Resources will post 0.09 EPS for the current year.
Large investors have recently modified their holdings of the business. Teachers Advisors LLC boosted its position in Denbury Resources by 57.0% during the second quarter. Teachers Advisors LLC now owns 967,464 shares of the oil and natural gas company’s stock worth $1,480,000 after purchasing an additional 351,363 shares during the period. State Street Corp boosted its position in Denbury Resources by 1.8% during the second quarter. State Street Corp now owns 21,829,124 shares of the oil and natural gas company’s stock worth $33,402,000 after purchasing an additional 380,034 shares during the period. JPMorgan Chase & Co. boosted its position in Denbury Resources by 24.5% during the second quarter. JPMorgan Chase & Co. now owns 12,097,850 shares of the oil and natural gas company’s stock worth $18,510,000 after purchasing an additional 2,382,134 shares during the period. Macquarie Group Ltd. bought a new position in Denbury Resources during the third quarter worth about $423,000. Finally, Schwab Charles Investment Management Inc. boosted its position in Denbury Resources by 163.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 6,641,359 shares of the oil and natural gas company’s stock worth $10,162,000 after purchasing an additional 4,125,074 shares during the period. Hedge funds and other institutional investors own 80.23% 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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