Jefferies Group LLC Initiates Coverage on Energen Corporation (EGN)

Equities researchers at Jefferies Group LLC started coverage on shares of Energen Corporation (NYSE:EGN) in a research note issued to investors on Monday. The firm set a “buy” rating and a $68.00 price target on the oil and gas producer’s stock. Jefferies Group LLC’s price target points to a potential upside of 28.01% from the stock’s current price.

EGN has been the subject of several other reports. Citigroup Inc. boosted their price objective on Energen Corporation from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Friday, July 21st. BidaskClub lowered Energen Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 20th. Morgan Stanley boosted their price objective on Energen Corporation from $52.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday, August 31st. Zacks Investment Research raised Energen Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, ValuEngine lowered Energen Corporation from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $66.04.

Shares of Energen Corporation (NYSE EGN) opened at 53.12 on Monday. The firm has a market capitalization of $5.16 billion, a PE ratio of 84.05 and a beta of 1.95. Energen Corporation has a 12 month low of $46.16 and a 12 month high of $64.44. The company has a 50 day moving average price of $52.33 and a 200-day moving average price of $52.26.

Energen Corporation (NYSE:EGN) last announced its quarterly earnings data on Tuesday, August 8th. The oil and gas producer reported $0.06 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.06. The firm had revenue of $256.82 million during the quarter, compared to analyst estimates of $222.60 million. Energen Corporation had a negative return on equity of 1.74% and a net margin of 7.75%. Energen Corporation’s quarterly revenue was up 142.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.28) earnings per share. Equities research analysts expect that Energen Corporation will post $0.41 EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Creative Planning boosted its position in shares of Energen Corporation by 8.0% during the second quarter. Creative Planning now owns 3,390 shares of the oil and gas producer’s stock worth $167,000 after buying an additional 250 shares during the period. Optimum Investment Advisors acquired a new position in shares of Energen Corporation during the second quarter worth approximately $228,000. Laurion Capital Management LP acquired a new position in shares of Energen Corporation during the first quarter worth approximately $229,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Energen Corporation during the first quarter worth approximately $231,000. Finally, Capital Insight Partners LLC acquired a new position in shares of Energen Corporation during the second quarter worth approximately $237,000. Institutional investors and hedge funds own 94.01% of the company’s stock.

Energen Corporation 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.

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