Energen Corporation (NYSE:EGN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “ENERGEN CORP is a diversified energy holding company engaged in natural gas distribution and oil and natural gas exploration and production activities. 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. Credit Suisse Group reiterated an “outperform” rating and issued a $73.00 price objective on shares of Energen Corporation in a research note on Friday, June 2nd. Barclays PLC reiterated a “hold” rating and issued a $63.00 price objective on shares of Energen Corporation in a research note on Wednesday, May 24th. Royal Bank Of Canada set a $65.00 price objective on shares of Energen Corporation and gave the company a “hold” rating in a research note on Friday, June 2nd. Stifel Nicolaus reiterated a “buy” rating and issued a $81.00 price objective on shares of Energen Corporation in a research note on Friday, May 26th. Finally, Wolfe Research initiated coverage on shares of Energen Corporation in a research note on Thursday, June 15th. They issued a “market perform” rating and a $60.00 price objective for the company. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $66.68.
Shares of Energen Corporation (NYSE EGN) traded down 2.74% during midday trading on Wednesday, hitting $51.50. The stock had a trading volume of 2,558,426 shares. The stock’s 50-day moving average price is $50.31 and its 200 day moving average price is $52.96. The company has a market cap of $5.01 billion, a price-to-earnings ratio of 72.95 and a beta of 1.93. Energen Corporation has a 52 week low of $46.10 and a 52 week high of $64.43.
Energen Corporation (NYSE:EGN) last issued its quarterly earnings results on Thursday, May 4th. The oil and gas producer reported ($0.13) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by $0.01. Energen Corporation had a negative return on equity of 2.79% and a net margin of 10.69%. The company had revenue of $240.90 million for the quarter, compared to analysts’ expectations of $166.69 million. During the same quarter in the previous year, the business earned ($0.64) EPS. The company’s revenue for the quarter was up 87.9% on a year-over-year basis. On average, equities analysts forecast that Energen Corporation will post $0.44 earnings per share for the current year.
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In related news, Director Alan A. Kleier acquired 1,000 shares of the company’s stock in a transaction dated Friday, June 23rd. The stock was bought at an average cost of $47.59 per share, with a total value of $47,590.00. Following the acquisition, the director now owns 1,500 shares of the company’s stock, valued at approximately $71,385. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Guggenheim Capital LLC increased its stake in Energen Corporation by 15.7% in the fourth quarter. Guggenheim Capital LLC now owns 17,899 shares of the oil and gas producer’s stock worth $1,032,000 after buying an additional 2,424 shares in the last quarter. Macquarie Group Ltd. bought a new stake in Energen Corporation during the fourth quarter worth about $6,206,000. Capstone Asset Management Co. increased its stake in Energen Corporation by 7.2% in the first quarter. Capstone Asset Management Co. now owns 8,582 shares of the oil and gas producer’s stock worth $467,000 after buying an additional 580 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Energen Corporation by 2.1% in the first quarter. Louisiana State Employees Retirement System now owns 24,500 shares of the oil and gas producer’s stock worth $1,334,000 after buying an additional 500 shares in the last quarter. Finally, Glen Harbor Capital Management LLC increased its stake in Energen Corporation by 10.8% in the first quarter. Glen Harbor Capital Management LLC now owns 5,152 shares of the oil and gas producer’s stock worth $280,000 after buying an additional 504 shares in the last quarter. 95.12% of the stock is owned by institutional investors.
About Energen Corporation
Energen Corporation 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. Its operations are conducted through subsidiary, Energen Resources Corporation and occur 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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