On Thursday, Shares of SunEdison, Inc. (NYSE:SUNE), gained 5.19% to $14.99.
SunEdison’s 2015 earnings estimates were reduced at RBC Capital to a loss of $2.93 per share from a loss of $2.63 per share.
The firm also cut 2016 earnings estimate loss to $1.59 per share from a loss of $1.30 per share.
RBC Capital maintained its “outperform” rating and $24 price target on the stock.
SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials.
Shares of Denbury Resources Inc. (NYSE:DNR), declined -5.26% to $3.96, during its last trading session.
Denbury Resources declared adjusted net income (a non-GAAP measure) of $47 million for the second quarter of 2015, or $0.13 per diluted share. On a GAAP basis, the Company recorded a net loss of $1.1 billion, or $3.28 per diluted share, on quarterly revenues of $374 million. Adjusted net income for the second quarter of 2015 differs from GAAP net income due to the exclusion of (1) a $1.7 billion ($1.1 billion after tax) write-down of oil and natural gas properties, (2) a $173 million ($107 million after tax) loss on noncash fair value adjustments on commodity derivatives(1) (a non-GAAP measure), and (3) a $31 million income tax valuation allowance.
ADMINISTRATION COMMENT
Phil Rykhoek, Denbury’s President and CEO, commented, “As demonstrated in our second quarter results, we continue to make noteworthystrides in reducing our cost structure while maintaining relatively flat production levels even with a significantly reduced level of capital spending. Our second quarter lease operating expenses were below $20 per BOE and represented the sixth successive quarterly drop not taking into account non-recurring items. We continue to see new cost reduction ideas and efficiencies being implemented across Denbury, many of which have come directly from the work of our innovation and improvement teams, as we recently accomplished in-depth evaluations of all fields and certain operational processes. One of the direct outcomes of our innovation and improvement teams, which contributed to our cost reductions in the second quarter, was improved CO2 utilization in the Gulf Coast region, resulting in a nearly 25% decrease in CO2 usage from first quarter 2015 levels. In addition to our cost savings, we have seen promising results from our new Hastings Field series flood, which contributed to a 14% enhance in that field’s tertiary production from first quarter 2015 levels. This assisted boost our overall tertiary production by 2% on a sequential-quarter basis to a new quarterly record high of 42,584 barrels of oil per day. Overall, our total production on a sequential-quarter basis was down less than 1%, primarily due to weather-related downtime caused by flooding at our Thompson Field in south Texas which influenced our second quarter production by about 500 barrels of oil equivalent per day.
“We believe our unique asset base and operational improvement initiatives are showing many positive aspects in this lower oil price environment. We are extremely happy with the progress we have made on reducing our cost structure and we continue to demonstrate our ability to maintain relatively flat production even while spending at a significantly reduced level. Despite the recent downturn in prices, we are still on course to generate noteworthy free cash flow in excess of capital spending and dividends in 2015. In light of this, our bank credit facility balance was $350 million at the end of the second quarter as compared to $465 million at the end of the first quarter.”
Denbury Resources Inc. operates as an independent oil and natural gas company in the United States. The company primarily focuses on improved oil recovery utilizing carbon dioxide.
Finally, DR Horton Inc. (NYSE:DHI), ended its last trade with 2.40% gain, and closed at $30.68, hitting its highest level.
UBS upgraded D.R. Horton to “buy” from “neutral,” based on an expectation of increasing sales volume through 2017.
As per the latest information, UBS Raises the price target to $38.00 per share from a preceding target of $26.00.
D.R. Horton, Inc. operates as a homebuilding company. It is engaged in the acquisition and development of land; and construction and sale of residential homes in 27 states and 79 markets in the United States under the names of D.R. Horton, America’s Builder, Express Homes, Emerald Homes, Breland Homes, Regent Homes, and Crown Communities.
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