Energen Corporation (EGN) Cut to “Hold” at Zacks Investment Research
Energen Corporation (NYSE:EGN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
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. “
Several other brokerages have also issued reports on EGN. Citigroup Inc raised their target price on Energen Corporation from $56.00 to $57.00 and gave the company a “neutral” rating in a research report on Friday, October 13th. Jefferies Group LLC started coverage on Energen Corporation in a research note on Monday, October 9th. They set a “buy” rating and a $68.00 price target for the company. Barclays PLC set a $57.00 price target on Energen Corporation and gave the stock a “hold” rating in a research note on Tuesday, August 15th. Scotiabank reiterated a “buy” rating and set a $56.00 price target on shares of Energen Corporation in a research note on Friday, June 30th. Finally, Bank of America Corporation started coverage on Energen Corporation in a research note on Monday, October 16th. They set a “neutral” rating for the company. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seventeen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $66.00.
Shares of Energen Corporation (NYSE EGN) remained flat at $49.48 during trading on Thursday. The company’s stock had a trading volume of 846,925 shares. The stock has a market capitalization of $4.81 billion, a P/E ratio of 78.29 and a beta of 1.95. Energen Corporation has a 12 month low of $46.16 and a 12 month high of $64.44. The company has a 50 day moving average price of $52.85 and a 200 day moving average price of $52.16.
Energen Corporation (NYSE:EGN) last announced its earnings results on Tuesday, August 8th. The oil and gas producer reported $0.06 earnings per share (EPS) for the quarter, meeting 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 firm had revenue of $256.82 million during the quarter, compared to analyst estimates of $222.60 million. During the same period last year, the firm posted ($0.28) EPS. The business’s revenue was up 142.8% compared to the same quarter last year. On average, analysts forecast that Energen Corporation will post $0.42 earnings per share for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. First Trust Advisors LP boosted its position in shares of Energen Corporation by 25.6% during the third quarter. First Trust Advisors LP now owns 125,728 shares of the oil and gas producer’s stock valued at $6,875,000 after purchasing an additional 25,592 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Energen Corporation during the third quarter valued at approximately $1,126,000. Shell Asset Management Co. boosted its position in shares of Energen Corporation by 1,441.1% during the third quarter. Shell Asset Management Co. now owns 13,284 shares of the oil and gas producer’s stock valued at $960,000 after purchasing an additional 12,422 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Energen Corporation during the second quarter valued at approximately $584,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Energen Corporation by 11.1% during the second quarter. Public Employees Retirement System of Ohio now owns 48,901 shares of the oil and gas producer’s stock valued at $2,414,000 after purchasing an additional 4,900 shares in the last quarter. 94.01% of the stock is currently owned by hedge funds and other institutional investors.
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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