Stifel analyst Nate Pendleton raised the firm’s price target on Denbury to $93 from $86 and keeps a Hold rating on the shares. The firm updated its model for quarterly results and updated guidance, the analyst tells investors. At assumed activity levels, Stifel projects a deteriorating forward Net Debt / EBITDAX profile and expects the company to generate positive free cash flows in 2023-2025.
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