Denbury Resources (DNR) PT Lowered to $4 at Imperial Capital

October 30, 2018 8:27 AM

Imperial Capital analyst Jason Wangler lowered the price target on Denbury Resources (NYSE: DNR) to $4.00 (from $6.00) while maintaining a In-Line rating following the company's acquisition of PVAC. Wangler believes that the acquisition helps the company continue to reduce financial leverage while maintaining free cash flow focus and providing short-cycle production growth opportunities.

DNR estimates the PVAC assets provide over 500 gross lower Eagle Ford locations for future development that should provide multiple years of drilling inventory at the 2-3 rig pace on the assets currently.

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