An issue of Denbury Resources Inc. (NYSE:DNR) debt rose 2.3% against its face value during trading on Friday. The high-yield debt issue has a 5.5% coupon and is set to mature on May 1, 2022. The debt is now trading at $81.75 and was trading at $71.00 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.
A number of analysts have recently commented on the company. Zacks Investment Research raised Denbury Resources from a “hold” rating to a “buy” rating and set a $5.00 price objective on the stock in a research note on Tuesday, June 21st. Stifel Nicolaus raised Denbury Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, June 15th. Mizuho assumed coverage on Denbury Resources in a research note on Wednesday. They issued a “neutral” rating and a $3.00 price objective on the stock. Finally, Barclays PLC downgraded Denbury Resources from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $3.00 to $2.50 in a research note on Wednesday, August 10th. Two 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. The stock currently has a consensus rating of “Hold” and a consensus price target of $2.51.
Shares of Denbury Resources Inc. (NYSE:DNR) traded down 8.02% on Friday, hitting $2.98. The stock had a trading volume of 11,102,131 shares. Denbury Resources Inc. has a one year low of $0.86 and a one year high of $4.80. The firm has a 50 day moving average price of $3.03 and a 200 day moving average price of $3.34. The company’s market capitalization is $1.10 billion.
Denbury Resources (NYSE:DNR) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.08 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $285.70 million. During the same quarter in the prior year, the business earned $0.13 EPS. The business’s revenue for the quarter was down 32.5% compared to the same quarter last year. On average, equities research analysts predict that Denbury Resources Inc. will post ($0.01) earnings per share for the current fiscal year.
In other Denbury Resources news, Director Greg Mcmichael sold 10,000 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $3.13, for a total transaction of $31,300.00. Following the transaction, the director now owns 89,379 shares of the company’s stock, valued at approximately $279,756.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.86% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Clinton Group Inc. increased its position in Denbury Resources by 83.6% in the second quarter. Clinton Group Inc. now owns 28,493 shares of the company’s stock valued at $102,000 after buying an additional 12,970 shares in the last quarter. Oakbrook Investments LLC increased its position in Denbury Resources by 80.5% in the second quarter. Oakbrook Investments LLC now owns 28,700 shares of the company’s stock worth $103,000 after buying an additional 12,800 shares during the period. World Asset Management Inc increased its position in Denbury Resources by 6.6% in the second quarter. World Asset Management Inc now owns 29,375 shares of the company’s stock worth $105,000 after buying an additional 1,829 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Denbury Resources during the second quarter worth $109,000. Finally, Acrospire Investment Management LLC bought a new position in Denbury Resources during the second quarter worth $111,000. 90.47% of the stock is currently owned by hedge funds and other institutional investors.
Denbury Resources Company Profile
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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