Investment analysts at Topeka Capital Markets assumed coverage on shares of Energen (NYSE: EGN) in a note issued to investors on Wednesday. The firm set a “buy” rating and a $62.00 price target on the stock.
The analysts wrote, “We are placing a top pick status on EGN given its solid production growth over the next few years, which has the potential for double digit growth in 2014 and beyond with success in the horizontal plays in the Permian Basin. EGN has a strong foothold in the Permian Basin with ~275,000 net acres in total and while they are early in the exploration process of several zones, we believe a majority of their acreage prospective for horizontal plays has been de-risked by offset activity. Furthermore, EGN trades at a 17.0% premium to its proved NAV of $44.00 per share, vs. its peers which trade at a more than 50% premium – an attractive valuation providing limited downside, in our opinion.”
Shares of Energen (NYSE: EGN) traded up 0.08% during mid-day trading on Wednesday, hitting $51.51. Energen has a 52 week low of $40.13 and a 52 week high of $55.59. The stock’s 50-day moving average is currently $47.92. The company has a market cap of $3.720 billion and a P/E ratio of 14.66.
Energen (NYSE: EGN) last issued its quarterly earnings data on Wednesday, January 23rd. The company reported $0.87 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.76 by $0.11. The company had revenue of $433.04 million for the quarter. During the same quarter in the previous year, the company posted $0.98 earnings per share. The company’s revenue for the quarter was up 50.3% on a year-over-year basis. On average, analysts predict that Energen will post $3.36 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on EGN. Analysts at SunTrust initiated coverage on shares of Energen in a research note to investors on Wednesday. They set a “buy” rating on the stock. Separately, analysts at Susquehanna raised their price target on shares of Energen from $61.00 to $67.00 in a research note to investors on Tuesday, March 19th. They now have a “positive” rating on the stock. Finally, analysts at Zacks upgraded shares of Energen from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, February 19th. They now have a $48.90 price target on the stock.
Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Energen presently has an average rating of “Buy” and a consensus target price of $60.32.
Energen Corporation (NYSE: EGN) is an energy holding company engaged in the development, acquisition, exploration and production of oil, natural gas and natural gas liquids in the continental United States, and in the purchase, distribution and sale of natural gas in central and north Alabama.