Sterne Agee Reiterates Buy Rating, $20 PT on Denbury Resources

In a report published Wednesday, Sterne Agee Group reiterated its Buy rating and $20.00 price target on Denbury Resources DNR. Sterne Agee noted, “Denbury announced it closed its Bakken sale/swap on Monday. With final figures emerging, we are increasingly positive on the deal. Denbury received ownership of producing CO2 properties, providing optionality on the timing of CO2 spending at Riley Ridge, and setting a tax leakage ceiling at ~$400 million. With the Greencore Pipeline completed on schedule, Denbury's Rockies' development continues to gain momentum. We reiterate our Buy rating and $20 PT.” Denbury Resources closed on Monday at $16.29.