Denbury Resources Inc. (NYSE:DNR) had its price target cut by equities researchers at BMO Capital Markets from $2.00 to $1.00 in a note issued to investors on Friday, July 14th. The brokerage currently has a “no rating at time” rating on the oil and natural gas company’s stock. BMO Capital Markets’ price objective would suggest a potential downside of 29.08% from the stock’s current price.
A number of other research firms have also issued reports on DNR. UBS AG began coverage on Denbury Resources in a research note on Thursday, March 23rd. They set a “sell” rating and a $2.00 price objective on the stock. ValuEngine lowered Denbury Resources from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Finally, Credit Suisse Group reiterated an “underperform” rating and set a $2.00 price objective on shares of Denbury Resources in a research note on Friday, June 2nd. Five investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Denbury Resources presently has a consensus rating of “Hold” and a consensus target price of $2.66.
Shares of Denbury Resources (NYSE:DNR) opened at 1.41 on Friday. Denbury Resources has a 52 week low of $1.27 and a 52 week high of $4.29. The firm’s market cap is $549.76 million. The stock has a 50 day moving average of $1.46 and a 200 day moving average of $2.14.
Denbury Resources (NYSE:DNR) last released 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. Denbury Resources had a negative return on equity of 1.94% and a negative net margin of 35.24%. The company had revenue of $261.20 million for the quarter, compared to analyst estimates of $248.66 million. During the same period in the previous year, the company posted $0.08 EPS. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities analysts forecast that Denbury Resources will post $0.01 earnings per share for the current year.
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Several institutional investors have recently bought and sold shares of DNR. OppenheimerFunds Inc. boosted its position in Denbury Resources by 499.0% in the first quarter. OppenheimerFunds Inc. now owns 310,368 shares of the oil and natural gas company’s stock worth $801,000 after buying an additional 258,550 shares during the last quarter. Credit Agricole S A boosted its position in Denbury Resources by 29.3% in the fourth quarter. Credit Agricole S A now owns 59,548 shares of the oil and natural gas company’s stock worth $219,000 after buying an additional 13,495 shares during the last quarter. FMR LLC boosted its position in Denbury Resources by 0.7% in the fourth quarter. FMR LLC now owns 17,364,762 shares of the oil and natural gas company’s stock worth $63,902,000 after buying an additional 128,239 shares during the last quarter. Alambic Investment Management L.P. purchased a new position in Denbury Resources during the first quarter worth about $660,000. Finally, Norges Bank purchased a new position in Denbury Resources during the fourth quarter worth about $25,138,000. Hedge funds and other institutional investors own 90.26% 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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