An issue of Denbury Resources (NYSE:DNR) bonds rose 1.8% as a percentage of their face value during trading on Thursday after an insider sold shares in the company. The high-yield debt issue has a 4.625% coupon and will mature on July 15, 2023. The debt is now trading at $77.75 and was trading at $74.75 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price. Specifically, Director Laura A. Sugg sold 12,500 shares of the business’s stock in a transaction on Tuesday, April 10th. The stock was sold at an average price of $3.00, for a total value of $37,500.00. Following the sale, the director now owns 140,841 shares in the company, valued at approximately $422,523. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.20% of the stock is currently owned by insiders.
Several equities research analysts recently issued reports on DNR shares. Zacks Investment Research upgraded Denbury Resources from a “hold” rating to a “buy” rating and set a $2.25 price objective on the stock in a report on Wednesday, February 7th. Mizuho upgraded Denbury Resources from a “neutral” rating to a “buy” rating in a report on Tuesday, January 16th. Royal Bank of Canada reiterated a “hold” rating and issued a $2.00 price objective on shares of Denbury Resources in a report on Wednesday, December 20th. UBS started coverage on Denbury Resources in a report on Wednesday, March 7th. They issued a “neutral” rating and a $2.50 price objective on the stock. Finally, ValuEngine downgraded Denbury Resources from a “hold” rating to a “sell” rating in a report on Sunday, December 31st. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $1.82.
The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 4.60. The firm has a market capitalization of $1,249.97, a price-to-earnings ratio of 21.21 and a beta of 3.15.
Denbury Resources (NYSE:DNR) last issued its quarterly earnings results on Thursday, February 22nd. The oil and natural gas company reported $0.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.05. Denbury Resources had a return on equity of 10.20% and a net margin of 14.44%. The company had revenue of $321.00 million for the quarter, compared to the consensus estimate of $310.27 million. During the same quarter in the prior year, the business earned ($0.02) EPS. Denbury Resources’s revenue was up 20.7% on a year-over-year basis. analysts forecast that Denbury Resources will post 0.44 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of DNR. BNP Paribas Arbitrage SA increased its holdings in Denbury Resources by 47.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 232,663 shares of the oil and natural gas company’s stock worth $312,000 after purchasing an additional 74,390 shares during the period. Municipal Employees Retirement System of Michigan increased its holdings in Denbury Resources by 59.0% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 149,470 shares of the oil and natural gas company’s stock worth $200,000 after purchasing an additional 55,480 shares during the period. SG Americas Securities LLC increased its holdings in Denbury Resources by 495.9% during the 3rd quarter. SG Americas Securities LLC now owns 180,700 shares of the oil and natural gas company’s stock worth $242,000 after purchasing an additional 150,377 shares during the period. Macquarie Group Ltd. purchased a new stake in Denbury Resources during the 3rd quarter worth about $423,000. Finally, Schroder Investment Management Group purchased a new stake in Denbury Resources during the 3rd quarter worth about $184,000. Institutional investors own 81.04% of the company’s stock.
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About Denbury Resources
Denbury Resources Inc operates as an independent oil and natural gas company in the United States. It holds interests in various oil and natural gas properties located in Mississippi, Texas, Louisiana, and Alabama in the Gulf Coast region; and in Montana, North Dakota, and Wyoming in the Rocky Mountain region.