Denbury Resources’ 1Q18 earnings
Denbury Resources announced its 1Q18 earnings on May 8 before the market opened. In 1Q18, Denbury Resources reported revenues of ~$353 million, much better than the Wall Street analyst consensus of ~$316 million. In 1Q18, DNR reported an adjusted profit of $0.12 per share, beating the Wall Street analyst consensus for a profit of $0.11 per share. To know more about DNR’s net income and revenues refer to part one and two of this series.
Stock reaction to 1Q18 earnings
In reaction to the 1Q18 earnings, DNR stock saw losses of as much as ~10% on May 8. However, as the day progressed, DNR’s stock recovered and closed the day with a loss of ~1%. Currently, DNR is trading ~11% higher than its pre-earnings close.
DNR’s year-to-date performance
Year-to-date in 2018, DNR is among the top-performing upstream companies with a ~71% return. DNR is even broadly outperforming the SPDR S&P Oil and Gas Exploration & Production ETF (XOP), which represents an index of stocks across the energy industry. XOP has ~78% exposure to the oil and gas exploration and production industry. XOP is up ~12% in 2018. To know more about best and worst upstream stock performers in 2018, check out Market Realist’s series, 2018’s Best- and Worst-Performing Upstream Energy Stocks.