Short Interest in Denbury Resources Inc. (DNR) Drops By 8.1%

Denbury Resources Inc. (NYSE:DNR) saw a significant decrease in short interest in December. As of December 29th, there was short interest totalling 60,195,802 shares, a decrease of 8.1% from the December 15th total of 65,523,124 shares. Approximately 15.2% of the company’s shares are short sold. Based on an average trading volume of 6,923,349 shares, the days-to-cover ratio is presently 8.7 days.

Several research firms have recently weighed in on DNR. Mizuho raised Denbury Resources from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th. Zacks Investment Research raised Denbury Resources from a “hold” rating to a “buy” rating and set a $1.50 price objective for the company in a research report on Tuesday, October 10th. Royal Bank of Canada reaffirmed a “hold” rating and set a $2.00 price objective on shares of Denbury Resources in a research report on Wednesday, December 20th. KeyCorp reaffirmed a “hold” rating on shares of Denbury Resources in a research report on Monday, November 13th. Finally, BMO Capital Markets set a $1.00 price objective on Denbury Resources and gave the stock a “hold” rating in a research report on Tuesday, October 10th. Four analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $2.13.

Denbury Resources (NYSE DNR) opened at $2.44 on Monday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 5.91. The firm has a market capitalization of $981.29, a PE ratio of -2.71 and a beta of 3.57. Denbury Resources has a 52-week low of $0.92 and a 52-week high of $3.83.

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 consensus estimate of ($0.01) by $0.05. Denbury Resources had a positive return on equity of 0.28% and a negative net margin of 32.50%. The company had revenue of $266.56 million during the quarter, compared to analysts’ expectations of $261.84 million. Denbury Resources’s quarterly revenue was up 4.9% compared to the same quarter last year. research analysts anticipate that Denbury Resources will post 0.09 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Piedmont Investment Advisors LLC boosted its position in Denbury Resources by 261.7% during the second quarter. Piedmont Investment Advisors LLC now owns 86,127 shares of the oil and natural gas company’s stock valued at $132,000 after purchasing an additional 62,312 shares during the last quarter. LMR Partners LLP acquired a new position in Denbury Resources during the third quarter valued at approximately $140,000. Teachers Retirement System of The State of Kentucky boosted its position in Denbury Resources by 11.5% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 96,950 shares of the oil and natural gas company’s stock valued at $148,000 after purchasing an additional 10,000 shares during the last quarter. Schroder Investment Management Group acquired a new position in Denbury Resources during the third quarter valued at approximately $184,000. Finally, Municipal Employees Retirement System of Michigan boosted its position in Denbury Resources by 59.0% during the third quarter. Municipal Employees Retirement System of Michigan now owns 149,470 shares of the oil and natural gas company’s stock valued at $200,000 after purchasing an additional 55,480 shares during the last quarter. 80.23% of the stock is owned by hedge funds and other institutional investors.

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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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