Analysts at the firm also lowered its price target to $11 from $15, citing its lower production estimates and higher cost assumptions, as well as a lower target multiple.
Yesterday, analysts at Wunderlich downgraded shares of the Plano, TX-based independent oil and natural gas company to "hold" from "buy" with a price target cut to $11 from $22.
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The company hosted its analyst day on Tuesday, outlining its 2015 strategy, addressing recent operational changes, and providing updates on its capital allocation in a lower commodity price environment.
Shares of Denbury Resources are up 0.98% to $9.78 in midday trading Thursday.
Separately, TheStreet Ratings team rates DENBURY RESOURCES INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate DENBURY RESOURCES INC (DNR) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, attractive valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share."