Denbury Resources (DNR) Debt Trading 3% Higher

An issue of Denbury Resources Inc. (NYSE:DNR) debt rose 3% as a percentage of its face value during trading on Thursday. The high-yield issue of debt has a 6.375% coupon and will mature on August 15, 2021. The bonds in the issue are now trading at $83.75 and were trading at $79.00 one week ago. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.

DNR has been the subject of several analyst reports. Zacks Investment Research upgraded shares of Denbury Resources from a “hold” rating to a “buy” rating and set a $1.50 target price for the company in a research note on Tuesday, October 10th. Royal Bank of Canada reiterated a “hold” rating and issued a $2.00 target price on shares of Denbury Resources in a research note on Wednesday, December 20th. KeyCorp reiterated a “hold” rating on shares of Denbury Resources in a research note on Monday, November 13th. BMO Capital Markets set a $1.00 target price on shares of Denbury Resources and gave the company a “hold” rating in a research note on Tuesday, October 10th. Finally, Imperial Capital initiated coverage on shares of Denbury Resources in a research note on Tuesday, October 3rd. They issued an “in-line” rating and a $2.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $2.13.

Denbury Resources Inc. (NYSE:DNR) traded up $0.10 during trading hours on Thursday, reaching $2.35. 9,493,300 shares of the company’s stock were exchanged, compared to its average volume of 10,655,322. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a market capitalization of $947.16, a PE ratio of -2.61 and a beta of 3.56. Denbury Resources Inc. has a 52 week low of $0.92 and a 52 week high of $3.90.

Denbury Resources (NYSE:DNR) last posted its quarterly earnings data on Tuesday, November 7th. The oil and natural gas company reported $0.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.05. The company had revenue of $266.56 million during the quarter, compared to analysts’ expectations of $261.84 million. Denbury Resources had a negative net margin of 32.50% and a positive return on equity of 0.28%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. equities research analysts predict that Denbury Resources Inc. will post 0.09 earnings per share for the current year.

Several institutional investors have recently added to or reduced their stakes in DNR. Schwab Charles Investment Management Inc. grew its holdings in shares of Denbury Resources by 163.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 6,641,359 shares of the oil and natural gas company’s stock worth $10,162,000 after buying an additional 4,125,074 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Denbury Resources by 778.1% during the third quarter. Janus Henderson Group PLC now owns 3,142,630 shares of the oil and natural gas company’s stock worth $4,211,000 after buying an additional 2,784,747 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Denbury Resources by 24.5% during 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 in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Denbury Resources by 18.5% during 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 in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Denbury Resources during the second quarter worth $769,000. 80.23% of the stock is owned by institutional investors and hedge funds.

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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.

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