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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Paul Senior who wrote (130100)4/6/2010 6:50:14 PM
From: Ed Ajootian  Read Replies (1) of 206181
 
RJ's take on DNR: "We are fans. Denbury continues to add value to shareholders by positioning the company's focus on its core tertiary assets. We are
confident that Denbury's EOR success on the Gulf Coast can be translated to Encore's Rocky Mountain properties. As Denbury reduces its
debt and frees up available liquidity, we continue to remain bullish on the outlook for the company. Consequently, we expect to see
additional catalysts from its presentation at the Independent Petroleum Association of America (IPAA) Oil & Gas Investment Symposium in
New York on April 13, 2010, where the company will disclose its latest well results from the Bakken Shale. We are raising 2010 estimates to
reflect higher expected production, but lowering 2011 estimates after updating for 10-Ks (both Denbury and Encore) and hedging. We
reiterate our Outperform rating and are setting a new target price of $22.00, which is based on a ~6x 2011 EV/EBITDA multiple (in-line with
the historical E&P range of 5-7x) and further supported by the company's NAV of $26."

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Now I'm thinking I was a bit premature in calling the $18 level a "rich" valuation. It will be interesting to see how this does after they announce some Bakken barnburners next Tuesday.
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