Energen Co. (EGN) Receives Average Recommendation of “Hold” from Brokerages
Energen Co. (NYSE:EGN) has received an average rating of “Hold” from the twenty-six brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $76.47.
A number of research analysts have weighed in on the stock. Johnson Rice lowered shares of Energen from an “accumulate” rating to a “hold” rating in a research note on Wednesday, August 15th. ValuEngine lowered shares of Energen from a “buy” rating to a “hold” rating in a research note on Monday, August 13th. Williams Capital reaffirmed a “hold” rating and issued a $87.00 price objective on shares of Energen in a research note on Tuesday, August 7th. Bank of America raised shares of Energen from a “neutral” rating to a “buy” rating in a research note on Thursday, May 10th. Finally, Morgan Stanley raised their price objective on shares of Energen from $79.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, May 24th.
NYSE:EGN remained flat at $$77.39 during trading hours on Friday. 2,025,597 shares of the company’s stock were exchanged, compared to its average volume of 2,128,406. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.57 and a quick ratio of 0.50. The firm has a market capitalization of $7.70 billion, a PE ratio of 103.19 and a beta of 1.30. Energen has a 1-year low of $47.81 and a 1-year high of $79.73.
In other news, insider Carl C. Icahn purchased 500,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The shares were bought at an average cost of $76.63 per share, with a total value of $38,315,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Carl C. Icahn purchased 647,493 shares of the company’s stock in a transaction that occurred on Tuesday, July 3rd. The shares were purchased at an average cost of $72.77 per share, for a total transaction of $47,118,065.61. The disclosure for this purchase can be found here. Insiders have purchased 3,726,727 shares of company stock worth $268,281,858 over the last three months. 1.00% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in EGN. Schroder Investment Management Group bought a new stake in Energen in the second quarter worth about $3,788,000. Public Employees Retirement System of Ohio raised its position in Energen by 69.3% in the second quarter. Public Employees Retirement System of Ohio now owns 76,882 shares of the oil and gas producer’s stock worth $5,599,000 after acquiring an additional 31,480 shares during the period. Nomura Holdings Inc. bought a new stake in Energen in the second quarter worth about $1,115,000. Jane Street Group LLC raised its position in Energen by 129.4% in the second quarter. Jane Street Group LLC now owns 14,964 shares of the oil and gas producer’s stock worth $1,090,000 after acquiring an additional 8,440 shares during the period. Finally, PointState Capital LP raised its position in Energen by 20.1% in the second quarter. PointState Capital LP now owns 369,300 shares of the oil and gas producer’s stock worth $26,892,000 after acquiring an additional 61,800 shares during the period. 95.21% of the stock is currently owned by institutional investors.
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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