Denbury Resources, Inc. - DNR

Denbury (DNR - Analyst Report) is a leading tertiary oil player, with a solid asset base and an impressive track record of production and reserve growth.

We expect this growth momentum to continue over the next 5 years. Our continued favorable view of Denbury shares reflects the company s low-risk profile and oil-centric niche business model.

We consider management's recent Barnett Shale sale as a prudent step, which will allow the company greater liquidity and flexibility to focus on its core tertiary oil operations.

Our Buy recommendation remains unchanged.