Energen (EGN) Lifted to “Overweight” at Morgan Stanley

Energen (NYSE:EGN) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report issued on Wednesday, Marketbeat reports. The firm presently has a $75.00 price target on the oil and gas producer’s stock. Morgan Stanley’s price target indicates a potential upside of 31.07% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Wells Fargo & Co began coverage on shares of Energen in a report on Friday, December 1st. They issued a “hold” rating for the company. Credit Suisse Group began coverage on shares of Energen in a report on Monday, December 11th. They issued a “neutral” rating and a $60.00 price objective for the company. Zacks Investment Research upgraded shares of Energen from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Thursday, October 12th. Jefferies Group began coverage on shares of Energen in a report on Monday, October 9th. They issued a “buy” rating and a $68.00 price objective for the company. Finally, Barclays upgraded shares of Energen from an “equal weight” rating to an “overweight” rating and set a $70.00 price objective for the company in a report on Monday, November 20th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have issued a buy rating to the stock. Energen currently has a consensus rating of “Hold” and an average price target of $66.05.

Energen (NYSE:EGN) traded up $1.70 during mid-day trading on Wednesday, reaching $57.22. 1,664,889 shares of the company’s stock were exchanged, compared to its average volume of 734,673. The firm has a market cap of $5,396.65, a P/E ratio of -520.18 and a beta of 1.90. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.58. Energen has a 12 month low of $46.16 and a 12 month high of $60.07.

Energen (NYSE:EGN) last released its quarterly earnings data on Wednesday, November 8th. The oil and gas producer reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.05. The company had revenue of $191.50 million during the quarter, compared to the consensus estimate of $242.81 million. Energen had a negative net margin of 1.17% and a negative return on equity of 0.45%. Energen’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.22) EPS. analysts anticipate that Energen will post 0.5 earnings per share for the current year.

In related news, Director Lori A. Lancaster acquired 1,000 shares of the stock in a transaction that occurred on Friday, December 22nd. The stock was purchased at an average price of $57.79 per share, with a total value of $57,790.00. Following the transaction, the director now owns 1,000 shares of the company’s stock, valued at approximately $57,790. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Corvex Management Lp sold 80,294 shares of the stock in a transaction that occurred on Friday, December 29th. The stock was sold at an average price of $57.56, for a total transaction of $4,621,722.64. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of the stock. State Street Corp boosted its position in shares of Energen by 0.7% during the 2nd quarter. State Street Corp now owns 3,330,220 shares of the oil and gas producer’s stock worth $164,414,000 after purchasing an additional 24,037 shares during the period. Cramer Rosenthal Mcglynn LLC boosted its position in Energen by 4.6% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,504,716 shares of the oil and gas producer’s stock valued at $74,288,000 after buying an additional 65,823 shares during the period. Systematic Financial Management LP boosted its position in Energen by 19.5% in the 3rd quarter. Systematic Financial Management LP now owns 1,314,711 shares of the oil and gas producer’s stock valued at $71,888,000 after buying an additional 214,802 shares during the period. FMR LLC boosted its position in Energen by 10.8% in the 2nd quarter. FMR LLC now owns 625,264 shares of the oil and gas producer’s stock valued at $30,869,000 after buying an additional 60,907 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Energen by 5.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 507,751 shares of the oil and gas producer’s stock valued at $27,763,000 after buying an additional 24,713 shares during the period. 96.14% of the stock is owned by hedge funds and other institutional investors.

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Energen 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.

Analyst Recommendations for Energen (NYSE:EGN)

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