UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Denbury Resources
In a report published Monday, Wunderlich Securities reiterated its Buy rating on Denbury Resources (NYSE: DNR), and raised its price target from $18.00 to $22.00.
Wunderlich Securities noted, “Denbury Resources, Inc. (DNR) announced last week that it would monetize its Williston Basin assets for interests in two mature oil fields and $1.6 billion to Exxon Mobil Corporation (XOM-NR). Denbury also increased its CO2 exposure in the Rocky Mountains and is negotiating for an interest in Exxon Mobil's LaBarge Field. We like these moves by Denbury as it allows them to unlock the value of the Williston assets, improve the financial position and return the company to one solely focused on tertiary oil recovery.”
Denbury Resources closed on Friday at $17.36.
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