Energen Corp. Receives a Buy from Nomura Holdings

By Jason Carr

Nomura Holdings analyst Lloyd Byrne reiterated a Buy rating on Energen Corp. (NYSE: EGN) today and set a price target of $65. The company’s shares opened today at $52.42.

According to TipRanks.com, Byrne is a 4-star analyst with an average return of 8.6% and a 62.0% success rate. Byrne covers the Basic Materials sector, focusing on stocks such as Diamond Offshore Drilling, Parker Drilling Company, and Whiting Petroleum Corp.

Currently, the analyst consensus on Energen Corp. is Strong Buy and the average price target is $60.83, representing a 16.0% upside.

In a report issued on November 4, Stephens also upgraded the stock to Buy with a $70 price target.

Based on Energen Corp.’s latest earnings report from June 30, the company posted quarterly revenue of $105.8M and quarterly net profit of $36.76M. In comparison, last year the company earned revenue of $295.6M and had a net profit of -$227.9M.

Based on the recent corporate insider activity of 59 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EGN in relation to earlier this year. Most recently, in September 2015, Magnus James Gorrie, a Director at EGN bought 1,000 shares for a total of $49,540.

Energen Corp. engages in the energy business. Its activities include exploration and development of oil and natural gas. It focuses on Permian Basin project of West Texas and the San Juan Basin in New Mexico. The company was founded in 1978 and is headquartered in Birmingham, AL.