Denbury Resources Inc. (DNR) Receives New Coverage from Analysts at Mizuho
Several other research firms have also weighed in on DNR. Zacks Investment Research raised Denbury Resources from a hold rating to a buy rating and set a $3.25 target price on the stock in a research note on Wednesday, August 10th. Stifel Nicolaus raised Denbury Resources from a sell rating to a hold rating in a research report on Wednesday, June 15th. Finally, Barclays PLC lowered Denbury Resources from an equal weight rating to an underweight rating and dropped their price target for the stock from $3.00 to $2.50 in a research report on Wednesday, August 10th. 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 stock. The stock has an average rating of Hold and an average price target of $2.72.
Denbury Resources (NYSE:DNR) traded up 0.769% during mid-day trading on Wednesday, hitting $3.275. 5,909,415 shares of the stock were exchanged. The stock’s market cap is $1.21 billion. Denbury Resources has a 52 week low of $0.86 and a 52 week high of $4.80. The company has a 50 day moving average price of $3.04 and a 200 day moving average price of $3.34.
Denbury Resources (NYSE:DNR) last released its earnings results on Thursday, August 4th. The company reported $0.08 earnings per share for the quarter, beating the 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 firm had revenue of $255.15 million for the quarter, compared to analyst estimates of $285.70 million. During the same quarter in the prior year, the firm posted $0.13 earnings per share. The company’s quarterly revenue was down 32.5% on a year-over-year basis. Analysts expect that Denbury Resources will post ($0.01) EPS for the current fiscal year.
In other news, Director Greg Mcmichael sold 10,000 shares of the firm’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 completion of the sale, the director now directly owns 89,379 shares of the company’s stock, valued at $279,756.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.86% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in Denbury Resources by 217.0% in the second quarter. JPMorgan Chase & Co. now owns 13,077,863 shares of the company’s stock valued at $46,949,000 after buying an additional 8,952,232 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in Denbury Resources by 591.8% in the second quarter. Panagora Asset Management Inc. now owns 7,406,082 shares of the company’s stock valued at $26,588,000 after buying an additional 6,335,606 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Denbury Resources by 44.6% in the second quarter. BlackRock Fund Advisors now owns 18,196,413 shares of the company’s stock valued at $65,325,000 after buying an additional 5,616,332 shares during the last quarter. State Street Corp boosted its stake in Denbury Resources by 33.1% in the second quarter. State Street Corp now owns 22,391,214 shares of the company’s stock valued at $80,384,000 after buying an additional 5,571,940 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in Denbury Resources by 1,378.8% in the second quarter. Franklin Resources Inc. now owns 5,193,013 shares of the company’s stock valued at $18,643,000 after buying an additional 4,841,843 shares during the last quarter. 90.47% of the stock is owned by institutional investors and hedge funds.
About Denbury Resources
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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