Denbury Inc. (NYSE:DEN – Get Rating) – Analysts at Capital One Financial upped their Q3 2022 earnings per share estimates for shares of Denbury in a research report issued on Wednesday, August 31st. Capital One Financial analyst B. Velie now expects that the company will earn $2.09 per share for the quarter, up from their previous forecast of $1.88. The consensus estimate for Denbury’s current full-year earnings is $6.85 per share. Capital One Financial also issued estimates for Denbury’s Q4 2022 earnings at $2.21 EPS, FY2022 earnings at $7.69 EPS, Q1 2023 earnings at $2.43 EPS, Q2 2023 earnings at $2.48 EPS, Q3 2023 earnings at $2.57 EPS, Q4 2023 earnings at $2.69 EPS, FY2023 earnings at $10.18 EPS and FY2024 earnings at $10.08 EPS.
Other research analysts also recently issued research reports about the company. Bank of America downgraded Denbury from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $107.00 to $71.00 in a report on Tuesday, July 19th. MKM Partners reiterated a “buy” rating and issued a $75.00 price objective on shares of Denbury in a report on Wednesday, July 20th. US Capital Advisors reiterated an “overweight” rating on shares of Denbury in a report on Tuesday, June 14th. Finally, Citigroup began coverage on Denbury in a report on Tuesday, May 10th. They issued a “buy” rating and a $83.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $96.09.
Denbury Stock Performance
Denbury (NYSE:DEN – Get Rating) last issued its quarterly earnings results on Thursday, August 4th. The company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.06. Denbury had a return on equity of 23.55% and a net margin of 22.38%. The company had revenue of $482.16 million for the quarter, compared to the consensus estimate of $408.55 million. During the same quarter in the prior year, the business earned $0.61 EPS. Denbury’s revenue was up 60.0% on a year-over-year basis.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the company. Verition Fund Management LLC grew its stake in Denbury by 188.8% during the 2nd quarter. Verition Fund Management LLC now owns 253,017 shares of the company’s stock worth $15,178,000 after buying an additional 165,397 shares during the last quarter. Captrust Financial Advisors lifted its position in Denbury by 31.8% during the 2nd quarter. Captrust Financial Advisors now owns 527 shares of the company’s stock worth $32,000 after acquiring an additional 127 shares during the period. Goldman Sachs Group Inc. lifted its position in Denbury by 58.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,908,334 shares of the company’s stock worth $174,471,000 after acquiring an additional 1,075,960 shares during the period. Aristeia Capital LLC lifted its position in Denbury by 74.6% during the 2nd quarter. Aristeia Capital LLC now owns 1,302,574 shares of the company’s stock worth $78,141,000 after acquiring an additional 556,348 shares during the period. Finally, Discovery Capital Management LLC CT lifted its position in Denbury by 2.4% during the 2nd quarter. Discovery Capital Management LLC CT now owns 1,532,683 shares of the company’s stock worth $91,946,000 after acquiring an additional 36,100 shares during the period.
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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