Denbury Resources (DNR): The company announced that they are increasing their share repurchase plan. An updated Net Income & Cash Flow Forecast model has been posted under the Watch List Tab.
My Fair Value Estimate has increased to $29.25.
New hedges on 80% of their crude oil production SIGNIFICANTLY reduces the risk on DNR.
Lots of "Growth & Income" fund manager will be taking a hard look at DNR this year. I think they will like the rock solid growth and long-term domestic oil reserves.
DNR valuation raised
DNR valuation raised
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: DNR valuation raised
January 3, 2014
Denbury Resources announced that its Board of Directors has approved an increase of $250M to the company's authorized share repurchase program, leaving $422M of authorized repurchases remaining as of December 31, 2013. The increase raises the total amount authorized under the program since it commenced in October 2011 to $1.16B, of which Denbury has spent $740M as of December 31, 2013, to acquire a total of approximately 48M common shares, or about 12% of shares outstanding at September 30, 2011, at an average cost of $15.55 per share. There is no set expiration date for the program and no requirement that the entire authorized amount be used.
Denbury Resources announced that its Board of Directors has approved an increase of $250M to the company's authorized share repurchase program, leaving $422M of authorized repurchases remaining as of December 31, 2013. The increase raises the total amount authorized under the program since it commenced in October 2011 to $1.16B, of which Denbury has spent $740M as of December 31, 2013, to acquire a total of approximately 48M common shares, or about 12% of shares outstanding at September 30, 2011, at an average cost of $15.55 per share. There is no set expiration date for the program and no requirement that the entire authorized amount be used.