Denbury Resources (NYSE:DNR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage currently has a $2.50 target price on the oil and natural gas company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 15.21% from the stock’s previous close.
According to Zacks, “With its unique profile, compelling economics and unmatched infrastructure, Denbury Resources’ is positioned well to deliver long-term sustainable growth. 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. In this respect, Denbury’s recent acquisition of Penn Virginia for about $1.7 billion is noteworthy. Denbury estimated capital expenditure in the range of $300-$325 million, up 38% from prior year. This higher spending could support the firms higher expected production. The company expects 2018 production in the range of 60,000-64,000 barrels of oil equivalent per day (BOE/d), up roughly 3% year over year.”
A number of other research analysts have also recently weighed in on the company. Johnson Rice cut Denbury Resources from an “accumulate” rating to a “hold” rating in a research report on Tuesday. Capital One Financial cut Denbury Resources from an “overweight” rating to an “underweight” rating in a research report on Thursday, December 20th. TheStreet upgraded Denbury Resources from a “d+” rating to a “c” rating in a research report on Monday, December 17th. UBS Group set a $3.00 price target on Denbury Resources and gave the company a “hold” rating in a research report on Monday, December 10th. Finally, Stephens assumed coverage on Denbury Resources in a research report on Thursday, December 6th. They issued a “weight” rating and a $4.00 price target for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $4.64.
Denbury Resources stock traded down $0.12 during midday trading on Thursday, reaching $2.17. The company’s stock had a trading volume of 10,381,698 shares, compared to its average volume of 15,187,643. Denbury Resources has a fifty-two week low of $1.39 and a fifty-two week high of $6.75. The company has a debt-to-equity ratio of 2.80, a quick ratio of 0.55 and a current ratio of 0.55. The company has a market cap of $1.03 billion, a P/E ratio of 15.50 and a beta of 3.55.
Denbury Resources (NYSE:DNR) last released its earnings results on Thursday, November 8th. The oil and natural gas company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Denbury Resources had a return on equity of 27.79% and a net margin of 18.81%. The company had revenue of $395.00 million during the quarter, compared to the consensus estimate of $348.39 million. During the same quarter last year, the company earned $0.04 earnings per share. Denbury Resources’s quarterly revenue was up 48.2% compared to the same quarter last year. Sell-side analysts predict that Denbury Resources will post 0.48 EPS for the current year.
Institutional investors have recently bought and sold shares of the stock. Strs Ohio bought a new stake in shares of Denbury Resources in the 3rd quarter valued at approximately $151,000. Victory Capital Management Inc. acquired a new position in Denbury Resources during the third quarter valued at $234,000. State of Alaska Department of Revenue raised its position in Denbury Resources by 3.2% during the fourth quarter. State of Alaska Department of Revenue now owns 153,926 shares of the oil and natural gas company’s stock valued at $263,000 after buying an additional 4,775 shares during the period. American Century Companies Inc. acquired a new position in Denbury Resources during the second quarter valued at $285,000. Finally, PEAK6 Investments L.P. acquired a new position in Denbury Resources during the second quarter valued at $320,000. Hedge funds and other institutional investors own 87.56% of the company’s stock.
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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