Stifel analyst Nate Pendleton downgraded Denbury (DEN) to Hold from Buy with a price target of $86, down from $140. While the firm views the Exxon Mobil (XOM) transaction as “not fully representing the potential value” of Denbury’s CCUS business and is “not ruling out a competing bid or vocal dissent among shareholders,” it also expects that the limited universe of potential buyers, strong fit with ExxonMobil, and capital requirements to develop announced CCS projects to “ultimately result in the approval of the proposed acquisition,” the analyst tells investors.
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- Exxon Mobil to acquire Denbury for $89.45 per share
