Shares of Denbury Resources Inc. (NYSE:DNR) dropped 8.7% during trading on Wednesday . The company traded as low as $3.31 and last traded at $3.35, with a volume of 6,686,371 shares traded. The stock had previously closed at $3.67.

DNR has been the subject of a number of analyst reports. Vetr cut Denbury Resources from a “sell” rating to a “strong sell” rating and set a $1.90 price target for the company. in a research report on Thursday, March 31st. Zacks Investment Research cut Denbury Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, March 30th. Stifel Nicolaus upgraded Denbury Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, June 15th. Finally, KeyCorp initiated coverage on Denbury Resources in a research report on Tuesday, April 26th. They issued a “sector weight” rating for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $3.08.

The company’s 50-day moving average price is $3.96 and its 200 day moving average price is $2.75. The stock’s market capitalization is $1.16 billion.

Denbury Resources (NYSE:DNR) last announced its quarterly earnings results on Thursday, May 5th. The company reported ($0.03) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.04. The business earned $194.80 million during the quarter, compared to analysts’ expectations of $274.69 million. During the same quarter in the prior year, the firm earned $0.07 EPS. Denbury Resources’s revenue for the quarter was down 36.7% on a year-over-year basis. On average, equities research analysts anticipate that Denbury Resources Inc. will post ($0.14) EPS for the current year.

Other large investors have recently bought and sold shares of the company. California Public Employees Retirement System boosted its stake in Denbury Resources by 17.8% in the fourth quarter. California Public Employees Retirement System now owns 3,390,198 shares of the company’s stock valued at $6,848,000 after buying an additional 512,000 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Denbury Resources by 49.5% in the fourth quarter. Advisors Asset Management Inc. now owns 2,048,440 shares of the company’s stock valued at $4,138,000 after buying an additional 678,367 shares during the last quarter. Russell Frank Co boosted its stake in Denbury Resources by 23.4% in the fourth quarter. Russell Frank Co now owns 1,666,663 shares of the company’s stock valued at $3,284,000 after buying an additional 316,374 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in Denbury Resources by 31.1% in the fourth quarter. OppenheimerFunds Inc. now owns 1,195,177 shares of the company’s stock valued at $2,414,000 after buying an additional 283,351 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in Denbury Resources by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 682,479 shares of the company’s stock valued at $1,379,000 after buying an additional 10,784 shares during the last quarter.

Denbury Resources Inc is an independent oil and natural gas company. The Company’s operations are focused on 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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