Denbury Resources Inc. (NYSE:DNR) was the target of a large growth in short interest in June. As of June 30th, there was short interest totalling 78,691,256 shares, a growth of 15.0% from the June 15th total of 68,448,366 shares. Approximately 20.0% of the company’s stock are short sold. Based on an average daily volume of 8,110,490 shares, the days-to-cover ratio is currently 9.7 days.
DNR has been the subject of a number of recent research reports. ValuEngine lowered shares of Denbury Resources from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Stifel Nicolaus restated a “hold” rating and set a $2.50 price target on shares of Denbury Resources in a research note on Friday, July 14th. Credit Suisse Group restated an “underperform” rating and set a $2.00 price target on shares of Denbury Resources in a research note on Friday, June 2nd. UBS AG restated a “sell” rating and set a $1.50 price target (down previously from $2.00) on shares of Denbury Resources in a research note on Friday, May 5th. Finally, BMO Capital Markets decreased their price target on shares of Denbury Resources from $2.00 to $1.00 and set a “no rating at time” rating for the company in a research note on Friday, July 14th. Six equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $2.64.
Shares of Denbury Resources (NYSE:DNR) opened at 1.36 on Friday. The company’s market cap is $529.58 million. Denbury Resources has a 1-year low of $1.27 and a 1-year high of $4.29. The stock has a 50 day moving average of $1.49 and a 200 day moving average of $2.39.
Denbury Resources (NYSE:DNR) last issued its quarterly earnings results on Thursday, May 4th. The oil and natural gas company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by $0.01. Denbury Resources had a negative net margin of 72.85% and a positive return on equity of 2.49%. The company had revenue of $264 million for the quarter, compared to the consensus estimate of $254.67 million. During the same quarter in the previous year, the business earned ($0.03) earnings per share. Denbury Resources’s revenue was up 35.5% compared to the same quarter last year. On average, equities analysts forecast that Denbury Resources will post $0.04 EPS for the current year.
Several institutional investors have recently modified their holdings of DNR. Vanguard Group Inc. increased its position 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 valued at $145,729,000 after buying an additional 8,753,615 shares during the last quarter. BlackRock Inc. increased its position 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 valued at $122,349,000 after buying an additional 47,120,229 shares during the last quarter. FMR LLC increased its position in shares of 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 valued at $63,902,000 after buying an additional 128,239 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Denbury Resources by 146.4% in the first quarter. Dimensional Fund Advisors LP now owns 8,529,233 shares of the oil and natural gas company’s stock valued at $22,004,000 after buying an additional 5,067,230 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Denbury Resources during the fourth quarter valued at $25,138,000. Hedge funds and other institutional investors own 91.11% of the company’s stock.
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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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