UPDATE: Wunderlich Securities Downgrades Denbury Resources Following Analyst Day

In a report published Wednesday, Wunderlich Securities analyst Jason A. Wangler downgraded the rating on Denbury Resources Inc (NYSE: DNR) from Buy to Hold, and lowered the price target from $22.00 to $11.00.

In the report, Wunderlich Securities noted, “Denbury Resources (DNR) held an analyst day yesterday following its Friday afternoon release on the reduced CapEx plans, 2015 dividend plans, and management changes. We decided to wait on making a final judgment until we heard the entire story at the analyst day. Overall there wasn't much more clarity given, whether operationally or financially, and as such the uncertainty at Denbury has increased significantly while the macro remains troublesome as well. We had previously looked at Denbury's asset base and financial plans as having strong downside protection in an environment like this; but the moves made by management for 2015 and potentially beyond have in our view muted these strengths, causing us to downgrade the stock from Buy to Hold at this time.”

Denbury Resources closed on Tuesday at $10.01.