Energen (EGN) Price Target Raised to $79.00

Energen (NYSE:EGN) had its price objective upped by Morgan Stanley from $73.00 to $79.00 in a research note issued on Friday. The brokerage currently has an “overweight” rating on the oil and gas producer’s stock. Morgan Stanley’s price objective indicates a potential upside of 16.04% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Imperial Capital reiterated an “outperform” rating and set a $72.00 price target (up previously from $68.00) on shares of Energen in a research note on Wednesday, February 21st. Deutsche Bank began coverage on shares of Energen in a research note on Thursday, February 1st. They set a “buy” rating and a $70.00 price target for the company. Seaport Global Securities upgraded shares of Energen from a “neutral” rating to a “buy” rating in a research note on Friday, January 26th. Jefferies Group set a $80.00 price target on shares of Energen and gave the stock a “buy” rating in a research note on Monday, March 19th. Finally, Stephens reiterated a “buy” rating and set a $74.00 price target on shares of Energen in a research note on Thursday, March 15th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the company. Energen has an average rating of “Buy” and a consensus price target of $69.86.

Shares of NYSE:EGN opened at $68.08 on Friday. The firm has a market cap of $6,640.08, a P/E ratio of 90.77 and a beta of 1.41. The company has a quick ratio of 0.55, a current ratio of 0.59 and a debt-to-equity ratio of 0.23. Energen has a 1-year low of $46.16 and a 1-year high of $69.24.

Energen (NYSE:EGN) last issued its quarterly earnings results on Tuesday, February 20th. The oil and gas producer reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.22. The firm had revenue of $271.80 million during the quarter, compared to analysts’ expectations of $303.95 million. Energen had a net margin of 30.12% and a return on equity of 2.27%. Energen’s quarterly revenue was up 137.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.27) EPS. research analysts expect that Energen will post 3.39 earnings per share for the current fiscal year.

In related news, Director Jonathan Z. Cohen acquired 17,500 shares of Energen stock in a transaction that occurred on Friday, March 9th. The stock was purchased at an average price of $57.36 per share, for a total transaction of $1,003,800.00. Following the completion of the purchase, the director now directly owns 17,500 shares of the company’s stock, valued at $1,003,800. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman J T. Mcmanus sold 3,116 shares of the firm’s stock in a transaction dated Monday, March 26th. The shares were sold at an average price of $58.06, for a total transaction of $180,914.96. Following the completion of the sale, the chairman now owns 115,794 shares of the company’s stock, valued at approximately $6,722,999.64. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the business. SeaCrest Wealth Management LLC purchased a new position in Energen during the 4th quarter valued at about $109,000. Amundi Pioneer Asset Management Inc. purchased a new position in Energen during the 4th quarter valued at about $115,000. Cerebellum GP LLC purchased a new position in Energen during the 4th quarter valued at about $125,000. Calton & Associates Inc. purchased a new position in Energen during the 4th quarter valued at about $185,000. Finally, ZWJ Investment Counsel Inc. purchased a new position in Energen during the 4th quarter valued at about $201,000. Hedge funds and other institutional investors own 93.58% of the company’s stock.

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Energen Company Profile

Energen Corporation, through its subsidiary, Energen Resources Corporation, engages in the exploration, development, and production of oil, natural gas liquids, and natural gas. The company has operations 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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