UPDATE: BMO Capital Markets Initiates Coverage on Denbury Resources, 'Built for Peak Oil'

In a report published on Tuesday, BMO Capital Markets analyst Phillip Jungwirth initiated coverage on

with a Market Perform rating a price target of $18. In the report, BMO Capital Markets stated, "Denbury is a leader in enhanced oil recovery (EOR) using Co2 and has successfully built two core areas in the Gulf Coast and Rockies that provide a platform for future organic oil production growth and bolt-on acquisition opportunities. We believe Denbury's tertiary portfolio is capable of driving high-single-digit total company production growth over the next several years while delivering a growing wedge of free cash flow." Denbury Resources closed on Monday at $17.01.