Denbury (NYSE:DEN) Reaches New 12-Month High After Analyst Upgrade

Thursday, June 10, 2021 | MarketBeat

Denbury Inc. (NYSE:DEN) shares hit a new 52-week high during mid-day trading 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 analysts have also recently issued reports on DEN. Zacks Investment Research cut shares of Denbury from a "strong-buy" rating to a "sell" rating in a research report on Monday, April 26th. Roth Capital boosted their price objective on shares of Denbury from $39.00 to $57.00 and gave the stock a "buy" rating in a research note on Monday, May 3rd. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. The company has an average rating of "Buy" and a consensus price target of $50.00.

A number of institutional investors have recently added to or reduced their stakes in the business. Citadel Advisors LLC boosted its stake in shares of Denbury by 192.5% in the 1st quarter. Citadel Advisors LLC now owns 223,569 shares of the company's stock valued at $10,707,000 after purchasing an additional 147,127 shares during the last quarter. Diametric Capital LP bought a new stake in Denbury during the first quarter valued at $285,000. Hein Park Capital Management LP grew its holdings in Denbury by 9.4% during the 1st quarter. Hein Park Capital Management LP now owns 2,464,248 shares of the company's stock worth $118,013,000 after acquiring an additional 210,929 shares during the period. Squarepoint Ops LLC acquired a new stake in Denbury during the 1st quarter worth about $253,000. Finally, Millennium Management LLC raised its position in shares of Denbury by 1,041.0% in the 1st quarter. Millennium Management LLC now owns 1,352,796 shares of the company's stock worth $64,785,000 after acquiring an additional 1,234,237 shares in the last quarter. Hedge funds and other institutional investors own 94.22% of the company's stock.

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

Denbury (NYSE:DEN) last posted its quarterly earnings data on Thursday, May 6th. The company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters' 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 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.

Read More: Return on Investment (ROI)

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