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.
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 >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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.
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 >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on SXC - FREE
Get the latest research report on GLP - FREE
Get the latest research report on GTE - FREE