Energen Corporation (NYSE:EGN) Releases Quarterly Earnings Results, Meets Expectations
Energen Corporation (NYSE:EGN) announced its quarterly earnings data on Tuesday. The oil and gas producer reported $0.06 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.06, Bloomberg Earnings reports. The business had revenue of $256.82 million for the quarter, compared to analysts’ expectations of $222.60 million. Energen Corporation had a negative return on equity of 2.79% and a net margin of 10.69%. The company’s revenue for the quarter was up 142.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.28) earnings per share.
Energen Corporation (EGN) opened at 49.36 on Tuesday. Energen Corporation has a one year low of $46.10 and a one year high of $64.43. The stock has a market cap of $4.80 billion, a price-to-earnings ratio of 69.92 and a beta of 1.93. The firm’s 50 day moving average price is $50.31 and its 200 day moving average price is $52.96. Energen Corporation also was the target of some unusual options trading activity on Monday. Stock investors purchased 13,292 call options on the company. This represents an increase of approximately 1,113% compared to the average volume of 1,096 call options.
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In related news, Director Alan A. Kleier bought 1,000 shares of the business’s stock in a transaction dated Friday, June 23rd. The shares were acquired at an average price of $47.59 per share, for a total transaction of $47,590.00. Following the purchase, the director now owns 1,500 shares in the company, valued at approximately $71,385. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.00% of the company’s stock.
Several large investors have recently modified their holdings of EGN. Flinton Capital Management LLC raised its stake in shares of Energen Corporation by 10.8% in the first quarter. Flinton Capital Management LLC now owns 2,944 shares of the oil and gas producer’s stock worth $160,000 after buying an additional 288 shares during the period. Creative Planning raised its stake in shares of Energen Corporation by 8.0% in the second quarter. Creative Planning now owns 3,390 shares of the oil and gas producer’s stock worth $167,000 after buying an additional 250 shares during the period. Greenwood Capital Associates LLC bought a new stake in shares of Energen Corporation during the first quarter worth about $200,000. Investment Counselors of Maryland LLC raised its stake in shares of Energen Corporation by 22.6% in the first quarter. Investment Counselors of Maryland LLC now owns 3,711 shares of the oil and gas producer’s stock worth $202,000 after buying an additional 685 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Energen Corporation by 26.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,819 shares of the oil and gas producer’s stock worth $208,000 after buying an additional 806 shares during the period. Institutional investors and hedge funds own 95.64% of the company’s stock.
EGN has been the topic of several analyst reports. Zacks Investment Research cut Energen Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. 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. BMO Capital Markets reiterated a “hold” rating and issued a $70.00 price objective on shares of Energen Corporation in a research note on Friday, May 5th. Williams Capital increased their price objective on Energen Corporation from $72.00 to $76.00 and gave the company a “buy” rating in a research note on Tuesday, June 20th. Finally, Scotiabank reiterated a “buy” rating and issued a $56.00 price objective on shares of Energen Corporation in a research note on Friday, June 30th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the stock. Energen Corporation currently has an average rating of “Buy” and an average price target of $66.68.
Energen Corporation Company Profile
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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