Zacks Investment Research Upgrades Energen (EGN) to Buy
Zacks Investment Research upgraded shares of Energen (NYSE:EGN) from a hold rating to a buy rating in a research report released on Wednesday. They currently have $73.00 price target on the oil and gas producer’s stock.
According to Zacks, “Energen Corporation is an independent oil and gas exploration and production company that operates exclusively in the Permian Basin of west Texas and New Mexico. Energen is focused on return-driven growth from the drilling and development of multiple horizontal shale formations in the Delaware and Midland basins using its Generation 3 frac design. The majority of the company’s Gen 3 wells have been drilled in multi-zone patterns and completed in batches at original reservoir pressure. The Corporation’s utility subsidiary, Alabama Gas Corporation, is the largest natural gas distribution utility in the State of Alabama. The Corporation’s oil and gas exploration and production activities are conducted by its subsidiary, Taurus Exploration, Inc. and its subsidiary. “
EGN has been the subject of a number of other reports. Stifel Nicolaus set a $85.00 price objective on Energen and gave the company a buy rating in a research note on Monday, January 29th. UBS assumed coverage on Energen in a research note on Wednesday, March 7th. They set a neutral rating and a $62.00 price objective for the company. ValuEngine downgraded Energen from a hold rating to a sell rating in a research note on Friday, February 2nd. Seaport Global Securities upgraded Energen from a neutral rating to a buy rating in a research note on Friday, January 26th. Finally, SunTrust Banks set a $85.00 price objective on Energen and gave the company a buy rating in a research note on Monday, April 16th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the company. Energen has an average rating of Buy and an average target price of $69.86.
Energen (NYSE:EGN) last announced its quarterly earnings data on Tuesday, February 20th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.22. The company had revenue of $271.80 million during the quarter, compared to the consensus estimate of $303.95 million. Energen had a return on equity of 2.27% and a net margin of 30.12%. The firm’s revenue was up 137.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.27) EPS. sell-side analysts expect that Energen will post 3.39 earnings per share for the current year.
In other news, insider David A. Godsey sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 14th. The stock was sold at an average price of $57.77, for a total transaction of $346,620.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman J T. Mcmanus sold 3,116 shares of the company’s stock in a transaction that occurred on Monday, March 26th. The stock was sold at an average price of $58.06, for a total value of $180,914.96. Following the sale, the chairman now directly owns 115,794 shares in the company, valued at $6,722,999.64. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of EGN. SeaCrest Wealth Management LLC purchased a new stake in shares of Energen during the 4th quarter worth approximately $109,000. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of Energen during the 4th quarter worth approximately $115,000. Cerebellum GP LLC purchased a new stake in shares of Energen during the 4th quarter worth approximately $125,000. Calton & Associates Inc. purchased a new stake in shares of Energen during the 4th quarter worth approximately $185,000. Finally, ZWJ Investment Counsel Inc. purchased a new stake in shares of Energen during the 4th quarter worth approximately $201,000. 93.58% of the stock is currently owned by institutional investors and hedge funds.
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Energen Company Profile
Energen Corporation, through its subsidiary, Energen Resources Corporation, engages in the exploration, development, and production of oil, natural gas liquids, and natural gas. The company has operations within the Midland Basin, the Delaware Basin, and the Central Basin Platform areas of the Permian Basin in west Texas and New Mexico.
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