Energen (EGN) Cut to C+ at TheStreet
Energen (NYSE:EGN) was downgraded by equities researchers at TheStreet from a “b-” rating to a “c+” rating in a note issued to investors on Thursday.
Several other research analysts have also weighed in on the company. ValuEngine lowered Energen from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. US Capital Advisors lowered Energen from an “overweight” rating to a “hold” rating in a report on Monday, October 22nd. Zacks Investment Research upgraded Energen from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a report on Monday, October 22nd. Morgan Stanley reiterated a “hold” rating and set a $83.00 target price (down from $86.00) on shares of Energen in a report on Friday, October 12th. Finally, National Alliance Securities lowered Energen from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have assigned a buy rating to the stock. Energen has a consensus rating of “Hold” and an average target price of $78.35.
Shares of NYSE:EGN traded up $2.10 during midday trading on Thursday, hitting $73.04. The company had a trading volume of 1,030,179 shares, compared to its average volume of 1,047,796. Energen has a 12 month low of $47.81 and a 12 month high of $89.83. The company has a quick ratio of 0.50, a current ratio of 0.43 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $7.24 billion, a P/E ratio of 97.39 and a beta of 1.50.
In other Energen news, VP Russell E. Jr. Lynch sold 2,233 shares of Energen stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $77.80, for a total value of $173,727.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Carl C. Icahn purchased 500,000 shares of the company’s stock in a transaction on Wednesday, August 15th. The stock was purchased at an average cost of $76.63 per share, for a total transaction of $38,315,000.00. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in EGN. Third Point LLC acquired a new stake in shares of Energen in the 2nd quarter valued at about $98,307,000. Alpine Associates Management Inc. acquired a new stake in shares of Energen in the 3rd quarter valued at about $93,772,000. SG Americas Securities LLC raised its stake in shares of Energen by 763.0% in the 3rd quarter. SG Americas Securities LLC now owns 497,050 shares of the oil and gas producer’s stock valued at $42,831,000 after purchasing an additional 439,454 shares during the period. Chicago Capital Management LLC acquired a new stake in shares of Energen in the 3rd quarter valued at about $32,881,000. Finally, Morgan Stanley raised its stake in shares of Energen by 103.5% in the 2nd quarter. Morgan Stanley now owns 686,810 shares of the oil and gas producer’s stock valued at $50,014,000 after purchasing an additional 349,259 shares during the period. 92.66% of the stock is currently owned by hedge funds and other institutional investors.
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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