In a report published on Tuesday, BMO Capital Markets analyst Phillip Jungwirth initiated coverage on Denbury Resources (NYSE: DNR) with a Market Perform rating a price target of $18.
In the report, BMO Capital Markets stated, “Denbury is a leader in enhanced oil recovery (EOR) using Co2 and has successfully built two core areas in the Gulf Coast and Rockies that provide a platform for future organic oil production growth and bolt-on acquisition opportunities. We believe Denbury’s tertiary portfolio is capable of driving high-single-digit total company production growth over the next several years while delivering a growing wedge of free cash flow.”
Denbury Resources closed on Monday at $17.01.
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Posted in: Analyst Color, Initiation, Analyst Ratings