Denbury Resources Inc. (DNR) Bonds Trading 5.5% Higher
An issue of Denbury Resources Inc. (NYSE:DNR) debt rose 5.5% against its face value during trading on Wednesday. The high-yield debt issue has a 4.625% coupon and is set to mature on July 15, 2023. The bonds in the issue are now trading at $77.75 and were trading at $73.75 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.
Several research firms recently commented on DNR. Zacks Investment Research raised shares of Denbury Resources from a “hold” rating to a “buy” rating and set a $3.50 price objective for the company in a report on Tuesday, November 22nd. Barclays PLC downgraded shares of Denbury Resources from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $3.00 to $2.50 in a report on Wednesday, August 10th. Mizuho began coverage on shares of Denbury Resources in a report on Wednesday, October 5th. They issued a “neutral” rating and a $3.00 price objective for the company. Nomura reaffirmed a “sell” rating and issued a $3.00 price objective on shares of Denbury Resources in a report on Monday, November 7th. Finally, Johnson Rice reaffirmed a “hold” rating on shares of Denbury Resources in a report on Tuesday, October 18th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. Denbury Resources has a consensus rating of “Hold” and an average target price of $2.59.
Denbury Resources Inc. (NYSE:DNR) traded up 33.57% during mid-day trading on Wednesday, hitting $3.78. 35,609,464 shares of the stock traded hands. Denbury Resources Inc. has a 12 month low of $0.86 and a 12 month high of $4.80. The company’s 50 day moving average is $2.82 and its 200 day moving average is $3.26. The company’s market cap is $1.47 billion.
Hedge funds have recently made changes to their positions in the stock. Henderson Group PLC boosted its stake in shares of Denbury Resources by 38.0% in the second quarter. Henderson Group PLC now owns 2,686,257 shares of the company’s stock worth $9,644,000 after buying an additional 740,363 shares in the last quarter. Gargoyle Investment Advisor L.L.C. acquired a new stake in shares of Denbury Resources during the second quarter worth approximately $376,000. Whitebox Advisors LLC acquired a new stake in shares of Denbury Resources during the second quarter worth approximately $4,222,000. Bank of Montreal Can acquired a new stake in shares of Denbury Resources during the second quarter worth approximately $4,495,000. Finally, Oakbrook Investments LLC boosted its stake in shares of 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 in the last quarter. 91.09% of the stock is owned by institutional investors and hedge funds.
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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