Denbury Resources (DNR) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Denbury Resources (NYSE:DNR) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “With its unique profile, compelling economics and unmatched infrastructure, Denbury Resources is well positioned to deliver long-term sustainable growth. Denbury’s acquisition of 23% non-operated working interest in Salt Creek Field in Wyoming from Linn Energy has also contributed considerably during the quarter. We appreciate the company’s cost-reduction initiatives. In spite of the company’s field in the Gulf area being affected by tropical storm Harvey, its 2017 production estimate remains unaltered. Moreover, Denbury seems undervalued as it has an average trailing 12-month EV/EBITDA ratio of 2.7, which is below the industry average of 11.4. Other positives for the company include low-risk investments, a strong financial position and an active divestment policy.”
DNR has been the subject of a number of other reports. BMO Capital Markets set a $1.00 target price on shares of Denbury Resources and gave the company a hold rating in a report on Tuesday, October 10th. KeyCorp reaffirmed a hold rating on shares of Denbury Resources in a report on Monday, November 13th. Royal Bank Of Canada set a $2.00 target price on shares of Denbury Resources and gave the company a hold rating in a report on Friday, August 25th. BidaskClub cut shares of Denbury Resources from a sell rating to a strong sell rating in a report on Thursday, August 24th. Finally, Imperial Capital initiated coverage on shares of Denbury Resources in a report on Tuesday, October 3rd. They issued an in-line rating and a $2.00 target price for the company. Four analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. Denbury Resources presently has an average rating of Hold and an average target price of $1.94.
Shares of Denbury Resources (NYSE DNR) traded up $0.02 during trading on Tuesday, reaching $1.74. 7,375,326 shares of the company’s stock were exchanged, compared to its average volume of 8,031,164. Denbury Resources has a 12 month low of $0.92 and a 12 month high of $4.29. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.53 and a quick ratio of 0.53.
Denbury Resources (NYSE:DNR) last issued its earnings results on Tuesday, November 7th. The oil and natural gas company reported $0.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.05. Denbury Resources had a negative net margin of 32.50% and a positive return on equity of 0.28%. The company had revenue of $266.56 million during the quarter, compared to analysts’ expectations of $261.84 million. Denbury Resources’s revenue for the quarter was up 4.9% on a year-over-year basis. sell-side analysts predict that Denbury Resources will post 0.08 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. California Public Employees Retirement System grew its position in shares of Denbury Resources by 7.2% in the third quarter. California Public Employees Retirement System now owns 3,485,073 shares of the oil and natural gas company’s stock valued at $4,670,000 after purchasing an additional 233,475 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Denbury Resources by 778.1% in the third quarter. Janus Henderson Group PLC now owns 3,142,630 shares of the oil and natural gas company’s stock valued at $4,211,000 after purchasing an additional 2,784,747 shares during the last quarter. Schroder Investment Management Group acquired a new stake in shares of Denbury Resources in the third quarter valued at approximately $184,000. LMR Partners LLP acquired a new stake in shares of Denbury Resources in the third quarter valued at approximately $140,000. Finally, Macquarie Group Ltd. acquired a new stake in shares of Denbury Resources in the third quarter valued at approximately $423,000. Institutional investors and hedge funds own 80.27% 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 in 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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