Energen Corp. (EGN) PT Raised to $75.00 at Credit Suisse Group AG
Energen Corp. (NYSE:EGN) had its price objective increased by equities research analysts at Credit Suisse Group AG from $70.00 to $75.00 in a research note issued to investors on Tuesday. The firm currently has an “outperform” rating on the stock. Credit Suisse Group AG’s target price suggests a potential upside of 28.49% from the stock’s previous close.
The analysts wrote, “We reiterate our Outperform rating and raise our TP to $75 (from $70) following investor meetings with Energen management last week in NYC, where we came away incrementally positive on the company’s near-term growth prospects as it prepares to complete ~60 DUC wells in 1H17. EGN is poised for a big uptick on the capital productivity front in 2017, with 98%+ working interest, long-lateral DUCs and the capital program baking in third generation completion costs but second generation production uplift.””
A number of other equities analysts have also recently weighed in on the company. Nomura reissued a “buy” rating and issued a $65.00 price target on shares of Energen Corp. in a research note on Monday, November 7th. KLR Group raised Energen Corp. from an “accumulate” rating to a “buy” rating and lifted their price target for the stock from $69.00 to $73.00 in a research note on Monday, November 7th. TheStreet cut Energen Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, November 3rd. Stephens raised Energen Corp. from an “equal weight” rating to an “overweight” rating in a research note on Friday, November 4th. Finally, Stifel Nicolaus lifted their target price on Energen Corp. from $60.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, October 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-one have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $58.86.
Energen Corp. (NYSE:EGN) opened at 58.37 on Tuesday. Energen Corp. has a 12-month low of $20.76 and a 12-month high of $61.38. The stock’s market cap is $5.67 billion. The company has a 50-day moving average of $55.42 and a 200 day moving average of $51.46.
Energen Corp. (NYSE:EGN) last issued its quarterly earnings results on Thursday, November 3rd. The company reported ($0.22) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.26) by $0.04. The firm had revenue of $184.39 million for the quarter, compared to analysts’ expectations of $159.82 million. Energen Corp. had a negative return on equity of 2.70% and a negative net margin of 115.17%. Energen Corp.’s revenue was down 37.6% on a year-over-year basis. During the same quarter last year, the business posted $0.41 EPS. Equities analysts anticipate that Energen Corp. will post ($1.35) earnings per share for the current year.
In other news, Chairman J T. Mcmanus sold 11,781 shares of the business’s stock in a transaction that occurred on Wednesday, November 9th. The stock was sold at an average price of $56.34, for a total transaction of $663,741.54. Following the sale, the chairman now directly owns 103,789 shares in the company, valued at $5,847,472.26. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.02% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. ClariVest Asset Management LLC purchased a new stake in Energen Corp. during the second quarter worth about $103,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Energen Corp. during the third quarter worth $115,000. Creative Planning boosted its stake in shares of Energen Corp. by 875.0% in the second quarter. Creative Planning now owns 3,315 shares of the company’s stock worth $160,000 after buying an additional 2,975 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Energen Corp. by 14.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,013 shares of the company’s stock worth $174,000 after buying an additional 379 shares during the period. Finally, Investment Counselors of Maryland LLC bought a new stake in shares of Energen Corp. during the third quarter worth $175,000. Institutional investors and hedge funds own 97.21% of the company’s stock.
Energen Corp. Company Profile
Energen Corporation (Energen) is an oil and natural gas exploration and production company. The Company is engaged in the exploration, development and production of oil and natural gas properties and natural gas in the Permian Basin in west Texas and the San Juan Basin in New Mexico. It is focused on increasing its oil, natural gas liquids and natural gas production and proved reserves through active development and/or exploratory programs in the Permian Basin.
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