Long Position on DEN @ $95.00 on 10/14/2022 (Rumor)

Denbury Inc. (DEN) is an independent energy company.  

The company focuses on producing oil from mature oil fields in the Gulf Coast and Rocky Mountain regions.

The company holds interests in various oil and natural gas properties located in Mississippi, Texas, and Louisiana in the Gulf Coast region; and in Montana, North Dakota, and Wyoming in the Rocky Mountain region.

As of February 24, 2022, it had 192 million barrels of oil equivalent of estimated proved oil and natural gas reserves. The company was formerly known as Denbury Resources Inc. and changed its name to Denbury Inc. in September 2020.

Bloomberg reported earlier this month that Exxon-Mobil is eyeing Denbury.  Both companies refused to comment which typically means the report is true. On the news, shares of DEN have formed a bullish "flag" and higher share prices are expected.

Entry Point: $95.00

Stop Loss: $90.50

Trading Range: $56.59 to $104.05

Target Price: $104.50

Position closed on 11/17/2022 at price of $92.00 with a -3.16% loss in 34 days.

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