Denbury Shares Fall As Analyst Cuts Rating

NEW YORK (AP) — Shares of Denbury Resources Inc. fell on Tuesday, as an analyst downgraded the oil and gas developer, citing its expensive share price and lack of near-term catalysts.

Denbury shares fell $1.06, or 6.3 percent, to $15.82 in afternoon trading. Since the start of the year, shares of the company have climbed more than 54 percent.

UBS analyst Andrew Coleman downgraded the stock to "Neutral" from "Buy" and lowered his price target for the Plano, Texas, company to $18 from $19.

Coleman said that while Denbury plans to ramp production in its Tinsley, Cranfield, Lockhart Crossing and Heidelberg fields and maintain its 10 percent to 20 percent volume growth forecast through 2015 for its core tertiary oil assets, that growth will be offset by declines in non-CO2 assets.