Insider Buying: Energen Co. (EGN) Insider Acquires 500,000 Shares of Stock

Energen Co. (NYSE:EGN) insider Carl C. Icahn bought 500,000 shares of the company’s stock in a transaction dated Wednesday, August 15th. The shares were purchased at an average cost of $76.63 per share, with a total value of $38,315,000.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Shares of NYSE EGN opened at $76.62 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.50 and a debt-to-equity ratio of 0.23. Energen Co. has a 52 week low of $47.77 and a 52 week high of $78.30. The firm has a market capitalization of $7.04 billion, a P/E ratio of 102.17 and a beta of 1.30.

Energen (NYSE:EGN) last issued its quarterly earnings results on Tuesday, August 7th. The oil and gas producer reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.02. Energen had a return on equity of 6.83% and a net margin of 35.43%. The company had revenue of $339.65 million for the quarter, compared to analysts’ expectations of $336.78 million. equities analysts anticipate that Energen Co. will post 3.36 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of EGN. Third Point LLC bought a new position in Energen in the second quarter valued at about $98,307,000. Lord Abbett & CO. LLC bought a new position in Energen in the first quarter valued at about $25,144,000. Morgan Stanley grew its position in Energen by 103.5% in the second quarter. Morgan Stanley now owns 686,810 shares of the oil and gas producer’s stock valued at $50,014,000 after acquiring an additional 349,259 shares during the last quarter. PointState Capital LP bought a new position in Energen in the first quarter valued at about $19,329,000. Finally, Mckinley Capital Management LLC Delaware bought a new position in Energen in the second quarter valued at about $22,037,000. Institutional investors own 92.17% of the company’s stock.

A number of research firms have recently weighed in on EGN. SunTrust Banks set a $113.00 target price on Energen and gave the stock a “buy” rating in a report on Thursday. Johnson Rice downgraded Energen from an “accumulate” rating to a “hold” rating in a report on Wednesday. Morgan Stanley downgraded Energen from an “overweight” rating to an “equal weight” rating and set a $76.00 target price for the company. in a report on Thursday, July 12th. They noted that the move was a valuation call. Williams Capital downgraded Energen from a “buy” rating to a “hold” rating and set a $68.00 target price for the company. in a report on Friday, July 20th. Finally, Jefferies Financial Group set a $85.00 target price on Energen and gave the stock a “buy” rating in a report on Wednesday, July 18th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $75.53.

About Energen

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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