Morgan Stanley Raises Energen Corporation (EGN) Price Target to $56.00
Energen Corporation (NYSE:EGN) had its price target upped by equities research analysts at Morgan Stanley from $52.00 to $56.00 in a report released on Thursday, The Fly reports. The brokerage presently has an “equal weight” rating on the oil and gas producer’s stock. Morgan Stanley’s price objective suggests a potential upside of 12.45% from the company’s previous close.
Several other research analysts have also commented on the company. Citigroup Inc. reduced their price target on Energen Corporation from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Thursday, July 13th. Williams Capital reiterated a “buy” rating and set a $72.00 price target on shares of Energen Corporation in a report on Friday, May 5th. J P Morgan Chase & Co lowered Energen Corporation from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $60.00 to $53.00 in a report on Thursday, July 20th. BidaskClub lowered Energen Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 20th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $70.00 price target on shares of Energen Corporation in a report on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and sixteen have issued a buy rating to the company. Energen Corporation has an average rating of “Buy” and a consensus target price of $65.57.
Shares of Energen Corporation (NYSE:EGN) opened at 49.80 on Thursday. The firm has a market cap of $4.84 billion, a price-to-earnings ratio of 78.80 and a beta of 1.93. Energen Corporation has a 12-month low of $46.16 and a 12-month high of $64.43. The company has a 50 day moving average of $50.23 and a 200-day moving average of $52.36.
Energen Corporation (NYSE:EGN) last posted its quarterly earnings results on Tuesday, August 8th. The oil and gas producer reported $0.06 EPS for the quarter, hitting the consensus estimate of $0.06. Energen Corporation had a negative return on equity of 1.74% and a net margin of 7.75%. The business had revenue of $256.82 million for the quarter, compared to analyst estimates of $222.60 million. During the same quarter in the previous year, the firm earned ($0.28) EPS. The company’s quarterly revenue was up 142.8% compared to the same quarter last year. Analysts predict that Energen Corporation will post $0.40 EPS for the current year.
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In other Energen Corporation news, Director Alan A. Kleier purchased 1,000 shares of the business’s stock in a transaction on Friday, June 23rd. The shares were bought at an average cost of $47.59 per share, for a total transaction of $47,590.00. Following the completion of the purchase, the director now directly owns 1,500 shares of the company’s stock, valued at $71,385. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Morgan Stanley raised its stake in shares of Energen Corporation by 11.7% in the first quarter. Morgan Stanley now owns 226,536 shares of the oil and gas producer’s stock worth $12,333,000 after buying an additional 23,656 shares during the period. CarVal Investors LLC acquired a new stake in shares of Energen Corporation during the first quarter worth about $5,444,000. Janus Capital Management LLC raised its stake in shares of Energen Corporation by 60.5% in the first quarter. Janus Capital Management LLC now owns 56,000 shares of the oil and gas producer’s stock worth $3,049,000 after buying an additional 21,100 shares during the period. Rafferty Asset Management LLC acquired a new stake in shares of Energen Corporation during the first quarter worth about $909,000. Finally, Elliott Management Corp acquired a new stake in shares of Energen Corporation during the first quarter worth about $46,274,000. Institutional investors own 94.01% of the company’s stock.
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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