Denbury Resources Inc. (NYSE:DNR) dropped 8.7% during mid-day 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. The stock had previously closed at $3.67.

DNR has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Denbury Resources from a “hold” rating to a “buy” rating and set a $5.00 price objective on the stock in a research note on Tuesday, June 21st. Stifel Nicolaus upgraded shares of Denbury Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, June 15th. KeyCorp initiated coverage on shares of Denbury Resources in a research note on Tuesday, April 26th. They set a “sector weight” rating on the stock. Finally, Vetr downgraded shares of Denbury Resources from a “sell” rating to a “strong sell” rating and set a $1.90 price objective on the stock. in a research note on Thursday, March 31st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $3.08.

The firm’s market capitalization is $1.16 billion. The stock’s 50-day moving average price is $3.92 and its 200 day moving average price is $2.76.

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

A number of large investors have recently made changes to their positions in DNR. California Public Employees Retirement System boosted its stake in shares of 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 worth $6,848,000 after buying an additional 512,000 shares in the last quarter. Advisors Asset Management Inc. raised its position 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 worth $4,138,000 after buying an additional 678,367 shares during the last quarter. Russell Frank Co raised its position in Denbury Resources by 23.4% in the fourth quarter. Russell Frank Co now owns 1,666,663 shares of the company’s stock worth $3,284,000 after buying an additional 316,374 shares during the last quarter. OppenheimerFunds Inc. raised its position in Denbury Resources by 31.1% in the fourth quarter. OppenheimerFunds Inc. now owns 1,195,177 shares of the company’s stock worth $2,414,000 after buying an additional 283,351 shares during the last quarter. Finally, California State Teachers Retirement System raised its position 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 worth $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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