Denbury (NYSE:DEN) Hits New 1-Year High Following Analyst Upgrade

Denbury Inc. (NYSE:DEN)’s share price reached a new 52-week high on Thursday after KeyCorp raised their price target on the stock from $75.00 to $76.00. KeyCorp currently has an overweight rating on the stock. Denbury traded as high as $71.70 and last traded at $70.02, with a volume of 409383 shares traded. The stock had previously closed at $70.30.

Several other equities research analysts have also recently weighed in on DEN. Roth Capital increased their target price on Denbury from $39.00 to $57.00 and gave the company a “buy” rating in a report on Monday, May 3rd. Zacks Investment Research cut shares of Denbury from a “strong-buy” rating to a “sell” rating in a report on Monday, April 26th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $50.00.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FORA Capital LLC purchased a new position in shares of Denbury during the first quarter valued at approximately $116,000. Cutler Group LP purchased a new position in Denbury during the 1st quarter valued at $153,000. Simplex Trading LLC bought a new position in Denbury in the 1st quarter worth $172,000. XTX Topco Ltd purchased a new stake in shares of Denbury in the 1st quarter worth about $219,000. Finally, Ararat Capital Management LP bought a new stake in shares of Denbury during the 1st quarter valued at about $225,000. Institutional investors and hedge funds own 94.22% of the company’s stock.

The company has a debt-to-equity ratio of 0.07, a current ratio of 0.45 and a quick ratio of 0.45. The stock has a 50 day moving average price of $56.37. The company has a market capitalization of $3.50 billion, a P/E ratio of 195.53 and a beta of 3.78.

Denbury (NYSE:DEN) last announced its earnings results on Thursday, May 6th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.16. Denbury had a negative return on equity of 146.78% and a negative net margin of 214.16%. As a group, equities research analysts anticipate that Denbury Inc. will post 1.89 EPS for the current fiscal year.

About Denbury (NYSE:DEN)

Denbury Inc, an independent energy company, focuses on producing oil from mature oil fields in the Gulf Coast and Rocky Mountain regions. The company holds interests in various oil and natural gas properties located in Mississippi, Texas, and Louisiana in the Gulf Coast region; and in Montana, North Dakota, and Wyoming in the Rocky Mountain region.

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