Earnings Preview: Denbury Resources

Aug. 4.08 | About: Denbury Resources (DNR)

Denbury Resources (NYSE:DNR) is expected to report Q2 earnings before market open Tuesday, Aug. 5 with a conference call scheduled for 11:00 am ET.

Guidance

Analysts are looking for Denbury to post a Q2 EPS of 55c on revenue of $373.92M. The consensus range is 48c to 65c for EPS and $298.2M to $433.8M for revenue, according to First Call.

Analyst Views

Calyon upgraded the company to Buy from Add on May 12. The firm also raised its 2008 WTI oil forecast to $111.40/bbl from $98.95/bbl and long-term forecast to $$101.50/bbl from $75 and 2008 natural gas forecast to $9.25/MMBtu from $8.80 and long-term forecast to $9/MMbtu from $7.50/MMbtu. On June 16, Lehman upgraded Denbury Resources to Overweight from Equal Weight citing higher oil price assumptions. The firm also raised its price target for the company to $47 from $40. Morgan Stanley downgraded the company to Equal Weight from Overweight on July 2, and lowered its price target for the company to $42 from $32.