Everence Capital Management Inc Exits Position in Denbury Resources (DNR)

Denbury Resources (DNR) : Everence Capital Management Inc has sold out all of its stake in Denbury Resources during the most recent quarter, according to the disclosure filed by the company on Apr 21, 2016 with the SEC. The investment management company has sold out 63,189 shares of Denbury Resources which is valued at $258,443.

Denbury Resources opened for trading at $4.21 and hit $4.7 on the upside on Wednesday, eventually ending the session at $4.64, with a gain of 13.17% or 0.54 points. The heightened volatility saw the trading volume jump to 2,14,13,360 shares. Company has a market cap of $1,628 M.

Other Hedge Funds, Including , Next Financial Group Inc boosted its stake in DNR in the latest quarter, The investment management firm added 2,000 additional shares and now holds a total of 3,000 shares of Denbury Resources which is valued at $12,270.

On the company’s financial health, Denbury Resources reported $-0.01 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Feb 18, 2016. Analyst had a consensus of $0.02. The company had revenue of $269.62 million for the quarter, compared to analysts expectations of $348.27 million. The company’s revenue was down -44.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.27 EPS.

Many Wall Street Analysts have commented on Denbury Resources. Denbury Resources was Downgraded by KeyBanc Capital Mkts to ” Sector Weight” on Apr 26, 2016. Shares were Reiterated by RBC Capital Mkts on Feb 22, 2016 to “Sector Perform” and Lowered the Price Target to $ 1.50 from a previous price target of $2.50 .Denbury Resources was Downgraded by Johnson Rice to ” Hold” on Feb 22, 2016.

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. The Company’s 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. The Company’s primary Gulf Coast CO2 source is Jackson Dome. The Company’s mature group of properties includes the initial CO2 field Little Creek as well as several other fields including Brookhaven Cranfield Eucutta Lockhart Crossing Mallalieu Martinville McComb and Soso fields. The Company also holds interest in the 183-mile NEJD CO2 pipeline that runs from Jackson Dome to near Donaldsonville Louisiana.

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