Thanks to the retiring CEO for going out of his way on the CC to clarify the criteria for new acquisitions, to minimize dilution in its various forms. I wish him and his successor well. Looks like they did okay buying into an old MS oil field CO2 play on the cheap for maybe 5MM bbl.
Unfortunately, for dilution, DNR's share count is up to 393MM at 3/31 from 347 a year ago (+13%). On the bright side, the share count is up only 1% from year-end and net worth per share actually crept up to $1.25 from $1.20. I'm shocked!
For the first time in many moons DNR actually booked a tiny profit for the quarter of $22MM. Still dwarfed by last year's $1B deficit and the $4.4B loss in 2015. Operations ran smoothly but CFFO was again a slim $24MM (GAAP).
Sadly, not one analyst asked any questions on the call, a sign the street has given up on DNR. Denbury never gets any press. That's a shame, given all the work this company has done to right itself. Only 15 analysts seem to be even giving DNR estimates on Marketwatch, down from 16 a month ago, with only one a "buy." Small comfort in that the "sells" are down from 5 to 4. The holds are still at 10. At under $2/sh, the stock persistently trades like a bankruptcy candidate.
Congrats on the modest but meaningful easing of debt terms, but the cost appears to have been agreeing to a higher interest rate. Debt rose (seasonally) from year-end to $2.83B. Sigh.
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