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Today’s Research Reports on Stocks to Watch: Tesla and Denbury Resources

NEW YORK, NY / ACCESSWIRE / October 30, 2018 / Shares of Tesla were in the green on Monday. The company was a contributing factor to the market bouncing back last week when the electric vehicle maker announced solid third quarter results. Shares of Denbury Resources saw a big descent yesterday on news that the company will be buying another fellow oil producer, Penn Virginia Corporation.

MER Initiates Coverage on:

Tesla, Inc.

Denbury Resources Inc.

Tesla, Inc. shares closed up 1.19% on Monday with a little over 14 million shares traded. The company's CEO Elon Musk was at it again on Twitter, tweeting, "Deleted my Tesla titles last week to see what would happen." Musk is supposed to relinquish chairmanship of the company by mid-November as part of his settlement with the SEC last month. Tesla hasn't disclosed any change however in Musk's status as CEO and chairman. According to the Wall Street Journal, the company is being probed by the FBI on whether the company misstated information about the production of its Model 3 electric sedans and whether it misled investors about the company's business. The government’s investigation is said to stretch back to early 2017, when Tesla first began to publicize projections about the Model 3 production. Last week Tesla reported a blow out third quarter financial report. Gene Munster of Loup Ventures said, "It's such a transformation. I liken back to... the year 1900. New York was basically entirely driven by horse and carriage. In 1907 it was almost entirely driven by automotive. When I think about that kind of transformation and the potential that Tesla has not only around autonomy... [Wednesday] on the conference call they were talking about competing with Uber and Lyft with a ride-sharing model. When I think about what they can do around electric and autonomy, I look the other way when it comes to valuation."

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Denbury Resources Inc. was down 23.68% yesterday on a little over 39 million shares. The company saw its shares sink after it was announced that the company has agreed to buy fellow oil producer Penn Virginia Corporation in a cash-and-stock deal. The two will be combining in a $1.7 billion transaction, which includes the assumption of debt. Denbury will issue up to 191.6 million shares and pay $400 million in cash to acquire the producer. Chris Kendall, Denbury’s President and CEO, commented, “This transaction marks a defining moment for Denbury, meeting multiple strategic objectives to create a balanced, resilient, and growing business with significant scale, while reinforcing our position as the highest oil-weighted producer in our peer group. Penn Virginia’s Eagle Ford assets will add many years of high value, low breakeven development to our portfolio, complementing Denbury’s long-lived, high-margin assets." He added, "The combination is accretive to key per-share metrics and will immediately improve the Company’s leverage profile. The combined company will have a stronger balance sheet, enhanced by its growth trajectory and scale. We expect the combined company will generate positive free cash flow immediately, while growing at a meaningful and sustainable pace." Denbury will be releasing its third quarter 2018 financial and operating results on Thursday, November 8, 2018 at 10:00 A.M. Central time.

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Our Actionable Research on Tesla, Inc. (NASDAQ: TSLA) and Denbury Resources Inc. (NYSE: DNR) can be downloaded free of charge at MarketEdge Report.

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