UPDATE: Sterne Agee Upgrades Denbury Resources to Neutral

Sterne Agee raises its rating on Denbury Resources

to Neutral from Underperform, reflecting operating results, strong execution in asset sales and Williston basin optionality. Sterne Agee says, "Our upgrade thesis is based on a strong start to the year operationally, strong Williston Basin results that provide balance sheet optionality, and asset sale success. Denbury underperformed our coverage universe in 2011, but has rebounded in 2012. We believe that the operational traction and 2012 catalysts merit a ratings increase." DNR closed at $19.91 a share on Wednesday.