Putnam Investments Reduces Stake in Denbury Inc.

Putnam Investments LLC, an institutional investor, has decreased its stake in Denbury Inc. by 38.3% in the first quarter of the year, according to a recent filing with the Securities and Exchange Commission. The company now owns 57,952 shares of Denbury stock, valued at $5,078,000.

Other hedge funds have also made moves with their holdings of Denbury stock. Ameriprise Financial Inc. increased its stake in shares by 30.2%, Hudson Bay Capital Management LP raised its stake by 89.4%, Doheny Asset Management CA boosted its stake by 29.9%, Trium Capital LLP grew its holdings by 1.1%, and Segall Bryant & Hamill LLC increased its stake by 56.0%.

Denbury, trading on the NYSE as DEN, opened at $97.27 on Friday. Over the past year, the stock has ranged from $73.13 to $104.05. The company has a market capitalization of $4.95 billion, a price-to-earnings ratio of 10.86, and a beta of 2.59.

Denbury recently missed analysts’ consensus estimates, reporting earnings per share (EPS) of $1.06 for the quarter ended August 3rd, compared to the estimated $1.23. The company had revenue of $328.98 million during the quarter, lower than the estimated $345.83 million. Denbury’s revenue was down 31.8% compared to the same period last year.

Research firms have weighed in on Denbury. Jefferies Financial Group downgraded the stock from a “buy” rating to a “hold” rating, Capital One Financial lowered their rating from “overweight” to “equal weight,” Johnson Rice changed their rating from “accumulate” to “hold,” Stifel Nicolaus increased their price target from $86.00 to $93.00 and maintained a “hold” rating, and JPMorgan Chase & Co. gave a “neutral” rating and a $96.00 price target. The consensus rating for Denbury is “Hold” with an average price target of $96.43.

Denbury Inc. operates as an independent energy company with oil and natural gas properties in the Gulf Coast and Rocky Mountain regions of the United States. Mississippi, Texas, Louisiana, Montana, North Dakota, and Wyoming are among the states where the company holds interests in oil and gas properties.

Source: Company Press Release