Credit Suisse Downgrades Denbury Resources (DNR) to Underperform

Credit Suisse downgraded Denbury Resources (NYSE: DNR) from Neutral to Underperform with a price target of $1.00 (from $6.00).

Analyst Edward Westlake cited concerns on how the company will be able to navigate a lower for longer crude price environment on several fronts; leverage, dividend sustainability and ability to reinvest in the business.

Further, the analyst noted the company benefited from its hedge book in 2015 and will realize $540MM in hedge gains this year by their model, which falls to less than $100MM in 2016.

For an analyst ratings summary and ratings history on Denbury Resources click here. For more ratings news on Denbury Resources click here.

Shares of Denbury Resources closed at $3.56 yesterday.

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