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Denbury (DNR) Beats Q4 Earnings and Revenues Estimates

Zacks Equity Research
Weak Job Addition in Private Sector

An Earnings Beat: Denbury Resources, Inc (DNR) reported fourth quarter income per share of 10 cents, higher than the Zacks Consensus Estimate of 9 cents but decreased from the year earlier quarterly earnings of 12 cents per share. Higher oil and gas price realizations contributed to the growth, which was offset by lower production.

Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate has seen no revisions in the last seven days.

Nonetheless, Denbury has an impressive earnings surprise history. Before posting the earnings in Q4, the company delivered positive surprises in all of the prior four quarters. Overall, the company has a positive earnings surprise of 42.4% in the trailing four quarters.

Revenues: Denbury posted revenues of $338.4 million, beating the Zacks Consensus Estimate of $328 million. It also increased from the year-ago number of $326.6 million.

Key Stats: During the quarter, production averaged 59,867 barrels of oil equivalent per day (Boe/d) compared with 61,144 Boe/d in the prior-year quarter.
Oil price realization (including the impact of hedges) averaged $55.75 per barrel in the quarter, up 0.5% year over year. Gas prices surged 40.4% year over year to $3.44 per Mcf. On an oil equivalent basis, the overall price realization was $54.81 per barrel, up 1.3% from the year-earlier quarter’s level of $54.11 per barrel.   

Zacks Rank: Currently, Denbury carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

(You can see the complete list of today’s Zacks #1 Rank stocks here)

Check back later for our full write up on this Denbury earnings report later!

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