Energen (NYSE:EGN) was downgraded by research analysts at J P Morgan Chase & Co from a “neutral” rating to an “underweight” rating in a report issued on Friday, MarketBeat reports. They presently have a $57.00 price objective on the oil and gas producer’s stock. J P Morgan Chase & Co’s price objective suggests a potential upside of 9.05% from the stock’s current price.
EGN has been the subject of several other reports. Credit Suisse Group assumed coverage on Energen in a research note on Monday. They issued a “neutral” rating and a $60.00 price target for the company. Mizuho restated a “buy” rating and issued a $69.00 price target on shares of Energen in a research note on Friday, September 29th. Zacks Investment Research upgraded Energen from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Thursday, October 12th. Stifel Nicolaus set a $80.00 price target on Energen and gave the company a “buy” rating in a research note on Thursday, October 5th. Finally, Wells Fargo & Company assumed coverage on Energen in a research note on Friday, December 1st. They issued a “hold” rating for the company. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $65.09.
Energen (NYSE EGN) traded down $1.69 on Friday, reaching $52.27. The company had a trading volume of 1,746,000 shares, compared to its average volume of 1,313,374. Energen has a twelve month low of $46.16 and a twelve month high of $60.21. The company has a quick ratio of 0.53, a current ratio of 0.58 and a debt-to-equity ratio of 0.24.
In other news, General Counsel J David Woodruff, Jr. sold 2,500 shares of the company’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $57.01, for a total transaction of $142,525.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in EGN. Victory Capital Management Inc. raised its holdings in shares of Energen by 34.9% during the 2nd quarter. Victory Capital Management Inc. now owns 3,832,506 shares of the oil and gas producer’s stock worth $189,211,000 after buying an additional 990,600 shares in the last quarter. Cibc World Markets Corp raised its holdings in shares of Energen by 1,674.3% during the 2nd quarter. Cibc World Markets Corp now owns 621,000 shares of the oil and gas producer’s stock worth $30,659,000 after buying an additional 586,000 shares in the last quarter. Bank of Nova Scotia acquired a new position in shares of Energen during the 2nd quarter worth $20,241,000. Scout Investments Inc. acquired a new position in shares of Energen during the 3rd quarter worth $21,713,000. Finally, Highbridge Capital Management LLC acquired a new position in shares of Energen during the 3rd quarter worth $15,830,000. Hedge funds and other institutional investors own 96.11% of the company’s stock.
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About Energen
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.
