Denbury Resources Inc. (DNR) Raised to “Buy” at Zacks Investment Research

Denbury Resources Inc. (NYSE:DNR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $1.50 target price on the oil and natural gas company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 8.70% from the stock’s current price.

According to Zacks, “Denbury Resources acquired 23% non-operated working interest in Salt Creek Field in Wyoming from Linn Energy. With its unique profile, compelling economics and unmatched infrastructure, Denbury Resources is well positioned to deliver long-term sustainable growth.  We appreciate the company’s cost-reduction initiatives and it has also raised its guidance for 2017 production. In spite of the company’s field in the Gulf area being affected by tropical storm Harvey, its 2017 production estimate remains unaltered. Other positives for the company include low-risk investments, a strong financial position and an active divestment policy.”

A number of other research firms have also issued reports on DNR. Stifel Nicolaus reiterated a “hold” rating and set a $2.50 price objective on shares of Denbury Resources in a research note on Friday, July 14th. Imperial Capital started coverage on shares of Denbury Resources in a research note on Tuesday, October 3rd. They set an “in-line” rating and a $2.00 price objective on the stock. BidaskClub lowered shares of Denbury Resources from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 24th. ValuEngine lowered shares of Denbury Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $1.00 price objective on shares of Denbury Resources in a research note on Friday, September 1st. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Denbury Resources presently has an average rating of “Hold” and a consensus target price of $2.06.

Shares of Denbury Resources (NYSE DNR) traded down 0.362% during midday trading on Tuesday, hitting $1.375. 4,016,904 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $1.20 and its 200-day moving average is $1.62. Denbury Resources has a 1-year low of $0.91 and a 1-year high of $4.29. The stock’s market cap is $536.12 million.

Denbury Resources (NYSE:DNR) last posted its quarterly earnings data on Tuesday, August 8th. The oil and natural gas company reported $0.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.02. The company had revenue of $261.20 million for the quarter, compared to analyst estimates of $248.66 million. Denbury Resources had a negative net margin of 35.24% and a negative return on equity of 1.94%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.08 earnings per share. Analysts predict that Denbury Resources will post $0.02 earnings per share for the current fiscal year.

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Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Denbury Resources by 18.3% in the first quarter. Vanguard Group Inc. now owns 56,483,974 shares of the oil and natural gas company’s stock worth $145,729,000 after buying an additional 8,753,615 shares during the last quarter. BlackRock Inc. increased its stake in shares of Denbury Resources by 15,599.0% in the first quarter. BlackRock Inc. now owns 47,422,302 shares of the oil and natural gas company’s stock worth $122,349,000 after buying an additional 47,120,229 shares during the last quarter. State Street Corp increased its stake in shares of Denbury Resources by 1.8% in the second quarter. State Street Corp now owns 21,829,124 shares of the oil and natural gas company’s stock worth $33,402,000 after buying an additional 380,034 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Denbury Resources by 24.5% in the second quarter. JPMorgan Chase & Co. now owns 12,097,850 shares of the oil and natural gas company’s stock worth $18,510,000 after buying an additional 2,382,134 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Denbury Resources by 18.5% in the second quarter. Dimensional Fund Advisors LP now owns 10,103,099 shares of the oil and natural gas company’s stock worth $15,458,000 after buying an additional 1,573,866 shares during the last quarter. Institutional investors and hedge funds own 86.44% of the company’s stock.

About Denbury Resources

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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