Denbury Resources Inc. (DNR) Bonds Trading 1% Higher
An issue of Denbury Resources Inc. (NYSE:DNR) debt rose 1% as a percentage of its face value during trading on Monday. The high-yield issue of debt has a 9% coupon and will mature on May 15, 2021. The bonds in the issue are now trading at $102.50 and were trading at $102.88 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.
A number of analysts recently weighed in on DNR shares. Stifel Nicolaus upgraded shares of Denbury Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, June 15th. Zacks Investment Research upgraded shares of Denbury Resources from a “hold” rating to a “buy” rating and set a $5.00 target price on the stock in a report on Tuesday, June 21st. Finally, Barclays PLC downgraded shares of Denbury Resources from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $3.00 to $2.50 in a report on Wednesday, August 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. Denbury Resources has an average rating of “Hold” and a consensus target price of $2.70.
Denbury Resources Inc. (NYSE:DNR) opened at 2.77 on Tuesday. Denbury Resources Inc. has a 52 week low of $0.86 and a 52 week high of $4.80. The company’s market capitalization is $1.03 billion. The stock’s 50 day moving average is $3.02 and its 200 day moving average is $3.31.
Denbury Resources (NYSE:DNR) last announced its earnings results on Thursday, August 4th. The company reported $0.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.06. Denbury Resources had a positive return on equity of 6.04% and a negative net margin of 361.13%. The business had revenue of $255.15 million for the quarter, compared to analysts’ expectations of $285.70 million. During the same period in the prior year, the business posted $0.13 earnings per share. The firm’s revenue was down 32.5% on a year-over-year basis. Analysts predict that Denbury Resources Inc. will post ($0.01) EPS for the current fiscal year.
In related news, Director Greg Mcmichael sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $3.13, for a total value of $31,300.00. Following the sale, the director now directly owns 89,379 shares in the company, valued at $279,756.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.86% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in DNR. Amalgamated Bank boosted its stake in shares of Denbury Resources by 2.0% in the second quarter. Amalgamated Bank now owns 40,571 shares of the company’s stock valued at $116,000 after buying an additional 783 shares during the last quarter. World Asset Management Inc boosted its stake in shares of Denbury Resources by 6.6% in the second quarter. World Asset Management Inc now owns 29,375 shares of the company’s stock valued at $105,000 after buying an additional 1,829 shares during the last quarter. State Treasurer State of Michigan boosted its stake in shares of Denbury Resources by 1.4% in the second quarter. State Treasurer State of Michigan now owns 140,692 shares of the company’s stock valued at $505,000 after buying an additional 1,900 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Denbury Resources by 14.2% in the second quarter. Teacher Retirement System of Texas now owns 48,399 shares of the company’s stock valued at $174,000 after buying an additional 6,026 shares during the last quarter. Finally, Comerica Bank boosted its stake in shares of Denbury Resources by 2.5% in the second quarter. Comerica Bank now owns 273,374 shares of the company’s stock valued at $823,000 after buying an additional 6,671 shares during the last quarter. Institutional investors and hedge funds own 90.47% 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 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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