Johnson Rice Downgrades Energen (EGN) to Hold

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Johnson Rice lowered shares of Energen (NYSE:EGN) from an accumulate rating to a hold rating in a research report report published on Wednesday, MarketBeat reports.

EGN has been the topic of several other research reports. Jefferies Financial Group restated a buy rating and issued a $79.00 target price on shares of Energen in a report on Thursday, April 26th. Williams Capital set a $79.00 target price on shares of Energen and gave the company a buy rating in a report on Tuesday, May 8th. Zacks Investment Research upgraded shares of Energen from a hold rating to a buy rating and set a $73.00 target price on the stock in a report on Wednesday, April 18th. JPMorgan Chase & Co. dropped their target price on shares of Energen from $68.00 to $67.00 and set a sell rating on the stock in a report on Tuesday, May 22nd. Finally, Morgan Stanley lowered shares of Energen from an overweight rating to an equal weight rating and set a $76.00 target price on the stock. in a report on Thursday, July 12th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $75.53.

EGN stock traded up $0.10 during midday trading on Wednesday, hitting $76.72. The stock had a trading volume of 2,191,741 shares, compared to its average volume of 1,289,763. The firm has a market cap of $7.04 billion, a price-to-earnings ratio of 102.29 and a beta of 1.30. The company has a quick ratio of 0.50, a current ratio of 0.57 and a debt-to-equity ratio of 0.23. Energen has a 1-year low of $47.81 and a 1-year high of $78.48.

Energen (NYSE:EGN) last released its earnings results on Tuesday, August 7th. The oil and gas producer reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.02. The business had revenue of $339.65 million for the quarter, compared to analyst estimates of $336.78 million. Energen had a net margin of 35.43% and a return on equity of 6.83%. research analysts expect that Energen will post 3.36 earnings per share for the current year.

In related news, insider Carl C. Icahn acquired 225,706 shares of the company’s stock in a transaction dated Thursday, June 21st. The shares were purchased at an average price of $63.70 per share, for a total transaction of $14,377,472.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Carl C. Icahn acquired 600 shares of the company’s stock in a transaction dated Monday, July 16th. The shares were bought at an average price of $73.65 per share, for a total transaction of $44,190.00. The disclosure for this purchase can be found here. Insiders have bought 3,726,727 shares of company stock worth $268,281,858 in the last quarter. Company insiders own 1.05% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in EGN. Municipal Employees Retirement System of Michigan raised its holdings in shares of Energen by 2.7% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 30,200 shares of the oil and gas producer’s stock worth $1,898,000 after acquiring an additional 800 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of Energen by 3.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 26,300 shares of the oil and gas producer’s stock worth $1,915,000 after acquiring an additional 800 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in shares of Energen by 18.9% in the 1st quarter. OppenheimerFunds Inc. now owns 5,247 shares of the oil and gas producer’s stock worth $330,000 after acquiring an additional 834 shares during the last quarter. Glen Harbor Capital Management LLC raised its holdings in shares of Energen by 7.8% in the 1st quarter. Glen Harbor Capital Management LLC now owns 12,040 shares of the oil and gas producer’s stock worth $757,000 after acquiring an additional 868 shares during the last quarter. Finally, Mason Street Advisors LLC raised its holdings in shares of Energen by 1.9% in the 1st quarter. Mason Street Advisors LLC now owns 48,819 shares of the oil and gas producer’s stock worth $3,069,000 after acquiring an additional 933 shares during the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.

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.

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Analyst Recommendations for Energen (NYSE:EGN)

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