Energen (NYSE:EGN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
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. “
A number of other analysts have also issued reports on the company. Stephens reiterated a “buy” rating and issued a $92.00 price target on shares of Energen in a report on Tuesday. Stifel Nicolaus set a $98.00 price target on Energen and gave the company a “buy” rating in a report on Tuesday. Morgan Stanley boosted their price target on Energen from $73.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, April 20th. TheStreet upgraded Energen from a “c+” rating to a “b-” rating in a report on Monday, April 16th. Finally, SunTrust Banks set a $85.00 target price on Energen and gave the stock a “buy” rating in a report on Monday, April 16th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $70.68.
Energen (NYSE:EGN) last announced its quarterly earnings results on Tuesday, February 20th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.22. The firm had revenue of $271.80 million during the quarter, compared to analyst estimates of $303.95 million. Energen had a return on equity of 2.27% and a net margin of 30.12%. Energen’s quarterly revenue was up 137.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.27) earnings per share. analysts anticipate that Energen will post 3.49 EPS for the current year.
In other Energen news, Director Jonathan Z. Cohen purchased 17,500 shares of Energen stock in a transaction dated Friday, March 9th. The shares were acquired at an average cost of $57.36 per share, with a total value of $1,003,800.00. Following the completion of the transaction, the director now owns 17,500 shares in the company, valued at approximately $1,003,800. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman J T. Mcmanus sold 3,116 shares of the company’s stock in a transaction 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 transaction, 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. Corporate insiders own 1.00% of the company’s stock.
Hedge funds have recently modified their holdings of the company. SeaCrest Wealth Management LLC acquired a new position in shares of Energen during the fourth quarter worth $109,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Energen during the fourth quarter worth $115,000. Cerebellum GP LLC acquired a new position in shares of Energen during the fourth quarter worth $125,000. Calton & Associates Inc. acquired a new position in shares of Energen during the fourth quarter worth $185,000. Finally, ZWJ Investment Counsel Inc. acquired a new position in shares of Energen during the fourth quarter worth $201,000. 93.56% of the stock is currently owned by institutional investors and hedge funds.
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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