Denbury Resources (DNR) Rating Increased to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Denbury Resources (NYSE:DNR) from a hold rating to a strong-buy rating in a report published on Tuesday morning. The brokerage currently has $2.50 target price on the oil and natural gas company’s stock.
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 2.9, which is below the industry average of 11.9. Other positives for the company include low-risk investments, a strong financial position and an active divestment policy.”
DNR has been the topic of a number of other reports. BMO Capital Markets set a $1.00 price target on shares of Denbury Resources and gave the stock a hold rating in a report on Tuesday, October 10th. Royal Bank of Canada reissued a hold rating and issued a $2.00 price target on shares of Denbury Resources in a report on Wednesday, December 20th. KeyCorp reissued a hold rating on shares of Denbury Resources in a report on Monday, November 13th. ValuEngine downgraded shares of Denbury Resources from a hold rating to a sell rating in a report on Sunday, December 31st. 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 price target on the stock. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Denbury Resources presently has a consensus rating of Hold and a consensus price target of $2.13.
Denbury Resources (NYSE:DNR) last announced its quarterly earnings results on Tuesday, November 7th. The oil and natural gas company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $266.56 million for the quarter, compared to the consensus estimate of $261.84 million. The firm’s revenue was up 4.9% on a year-over-year basis. equities research analysts expect that Denbury Resources will post 0.09 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in DNR. Schwab Charles Investment Management Inc. raised its stake in Denbury Resources by 163.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 6,641,359 shares of the oil and natural gas company’s stock valued at $10,162,000 after purchasing an additional 4,125,074 shares in the last quarter. Janus Henderson Group PLC raised its stake in 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 in the last quarter. JPMorgan Chase & Co. raised its stake in 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 valued at $18,510,000 after purchasing an additional 2,382,134 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in 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 valued at $15,458,000 after purchasing an additional 1,573,866 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in Denbury Resources in the second quarter valued at approximately $769,000. 80.23% of the stock is currently owned by institutional investors and hedge funds.
TRADEMARK VIOLATION WARNING: This piece of content was first published by Watch List News and is owned by of Watch List News. If you are viewing this piece of content on another site, it was stolen and reposted in violation of US and international copyright law. The original version of this piece of content can be viewed at https://www.watchlistnews.com/denbury-resources-dnr-rating-increased-to-strong-buy-at-zacks-investment-research/1806023.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Denbury Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Denbury Resources and related companies with MarketBeat.com's FREE daily email newsletter.