The stock of Denbury Resources Inc. (NYSE:DNR) is now priced at $0.23 and the shares are -0.01 points down or -2.29% lower compared to its previous closing price of $0.24. The stock had 15.52 million contracts set over the past session. DNR shares’ daily volume is compared to its average trading volume at 31 million shares. However, it has a float of 489 million and although its performance was 3.21% over the week, it’s one to watch. The stock’s downside potential is -100% with the DNR share price recently placing at $0.23 to $0.2449. However, some brokerage firms have priced the stock below the average, including one that has called $0.25.
The shorts are running away from the Denbury Resources Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the DNR shares have declined. Short interest in the stock represents just 21.92% of its float, but the volume has dropped by 0.
In the last trading session, Denbury Resources Inc. (NYSE:DNR) raised by $0.0073 over the week and lost -$0.1053 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.68. The stock recorded its established 52-week high on 01/06/20.
Since 04/21/20, the stock has traded to a low of $0.163 at 43.99%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 4.18. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Denbury Resources Inc.’s two-week RSI is 44.02. This suggests that the stock is neutral at the moment and that DNR shares’ price movement remains stable. The stochastic readings are equally revealing at 16.82% meaning the DNR share price is currently in overbought territory.
The technical chart shows that the DNR stock will likely settle at between $0.2431 and $0.2514 per share. However, if the stock dips below $0.2282, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.2216.
Currently, the stock is trading in the red of MACD, with a reading of -0.0048. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Stifel cut their recommendation for DNR from Hold to Sell in March 31 review. Stephens analysts downgraded their recommendation of the stock from Equal-Weight to Underweight while keeping its target price at $2 to $1 in a flash note released to investors on March 20. CapitalOne seeing the stock struggling downgraded it from Overweight to Underweight on December 20.
The average rating for the DNR equity is 3.67 and is currently gathering a bearish momentum. Of 5 analysts tracking Denbury Resources Inc. polled by Reuters, 3 rated DNR as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Denbury Resources Inc. (NYSE:DNR) will decrease by about -99.93%, which will see them reach $160.95 million. The company’s full-year revenues are, however, expected to diminish by about -37.7%, down from $1270 million to $791.17 million. DNR’s expected adjusted earnings should drop almost -130.77% to end up at -$0.04 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -102.5% to record -$0.01/share.