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Denbury (DNR) Q1 Loss Wider Than Expected, Revenues Beat
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Denbury Resources Inc. – a predominantly oil exploration and production company – incurred first-quarter 2017 loss of 2 cents per share (excluding one-time items), wider than the Zacks Consensus Estimate of a loss of 1 cent per share. Lower production adversely affected the results. The company had posted a loss of 3 cents in the first quarter of 2016.
First-quarter total revenue of $275.4 million increased from $194.8 million a year ago. The top line also beat the Zacks Consensus Estimate of $251.3 million.
Operational Performance
During the reported quarter, production averaged 59,933 barrels of oil equivalent per day (Boe/d) compared with 69,351 Boe/d in the prior-year quarter.
Oil production averaged 58,303 barrels per day (approximately 97.3% of the total volume), down 11.8% from the year-ago level. Natural gas production averaged 9,778 thousand cubic feet/Mcf (down 49.3%), on a daily basis.
The company’s production from tertiary operations averaged 37,070 barrels per day, down 8.4% year over year.
Oil price realization (including the impact of hedges) averaged $45.17 per barrel in the quarter, up 5.8% year over year. Gas prices also rose 47.1% year over year to $2.50 per Mcf. On an oil equivalent basis, the overall price realization was $44.35 per barrel, up 7.6% from the year-earlier level of $41.20 per barrel.
Financials
Cash flow from operations was $24.3 million in the reported quarter compared with $2.0 million in the prior year. Oil and natural gas capital investments for the reported period were approximately $53.3 million compared with the year-earlier level of $52.3 million. As of Mar 31, 2017, cash balance was $1.7 million and total debt was $2,826.2 million.
Denbury Resources Inc. Price, Consensus and EPS Surprise
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Gran Tierra Energy posted a positive earnings surprise of 105.88% in the year-ago quarter. It posted an average positive earnings surprise of 18.63% over the four trailing quarters.
Global Partners posted a positive earnings surprise of 83.41% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average positive earnings surprise of 96.55%.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
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Denbury (DNR) Q1 Loss Wider Than Expected, Revenues Beat
Denbury Resources Inc. – a predominantly oil exploration and production company – incurred first-quarter 2017 loss of 2 cents per share (excluding one-time items), wider than the Zacks Consensus Estimate of a loss of 1 cent per share. Lower production adversely affected the results. The company had posted a loss of 3 cents in the first quarter of 2016.
First-quarter total revenue of $275.4 million increased from $194.8 million a year ago. The top line also beat the Zacks Consensus Estimate of $251.3 million.
Operational Performance
During the reported quarter, production averaged 59,933 barrels of oil equivalent per day (Boe/d) compared with 69,351 Boe/d in the prior-year quarter.
Oil production averaged 58,303 barrels per day (approximately 97.3% of the total volume), down 11.8% from the year-ago level. Natural gas production averaged 9,778 thousand cubic feet/Mcf (down 49.3%), on a daily basis.
The company’s production from tertiary operations averaged 37,070 barrels per day, down 8.4% year over year.
Oil price realization (including the impact of hedges) averaged $45.17 per barrel in the quarter, up 5.8% year over year. Gas prices also rose 47.1% year over year to $2.50 per Mcf. On an oil equivalent basis, the overall price realization was $44.35 per barrel, up 7.6% from the year-earlier level of $41.20 per barrel.
Financials
Cash flow from operations was $24.3 million in the reported quarter compared with $2.0 million in the prior year. Oil and natural gas capital investments for the reported period were approximately $53.3 million compared with the year-earlier level of $52.3 million. As of Mar 31, 2017, cash balance was $1.7 million and total debt was $2,826.2 million.
Denbury Resources Inc. Price, Consensus and EPS Surprise
Denbury Resources Inc. Price, Consensus and EPS Surprise | Denbury Resources Inc. Quote
Guidance
Denbury expects full-year 2017 production in the range of 58,000–62,000 Boe/d. Full-year capital expenditure is still expected at $300 million.
Zacks Rank
Denbury currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks from the same space are SunCoke Energy, Inc. (SXC - Free Report) , Gran Tierra Energy Inc (GTE - Free Report) and Global Partners L.P. (GLP - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Gran Tierra Energy posted a positive earnings surprise of 105.88% in the year-ago quarter. It posted an average positive earnings surprise of 18.63% over the four trailing quarters.
Global Partners posted a positive earnings surprise of 83.41% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average positive earnings surprise of 96.55%.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
One has driven from 0 to a $68 billion valuation in 8 years. Four others are a little less obvious but already show jaw-dropping growth. Download this IPO Watch List today for free >>