Why Has Nomura Given Energen Corporation (NYSE:EGN) a $74.00 Price Target
Analysts at Nomura have started coverage on shares of Energen Corporation (NYSE:EGN) in a recent report sent to investors on 3 December. The brokerage set “Buy” rating on the $4.44 billion market cap company.
From a total of 22 analysts covering Energen Corporation (NYSE:EGN) stock, 16 rate it a ”Buy”, 0 a “Sell”, and 8 a ”Hold”. This means that 67% of the ratings are positive. The highest target price is $81 while the lowest target price is $53. The mean of all analyst targets is $68.59 with a 21.68% above today’s ($55.8) stock price. Energen Corporation was the topic of 17 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Howard Weil maintained shares on November 30 with “Sector Outperform” rating. Citigroup maintained shares with “Neutral” rating and $56 target share price in a report from a September 14. RBC Capital Markets initiated EGN stock in a recent report from October 30 with “Sector Perform” rating. Finally, Deutsche Bank maintained the stock with “Buy” rating in a report issued on an October 14.
Approximately 323,470 shares of stock traded hands. Energen Corporation (NYSE:EGN) has declined 20.75% since April 30, 2015 and is downtrending. It has underperformed by 20.47% the S&P500.
Energen Corporation is an gas and oil exploration and production firm with headquarters in Birmingham, Alabama. The company has a market cap of $4.44 billion. The Firm has 1.1 billion barrels of oil-equivalent proved, probable, and possible reserves and another 2.2 billion barrels of oil-equivalent contingent resources. It currently has negative earnings. These all-domestic reserves and resources are located primarily in the Permian Basin in west Texas.
According to Zacks Investment Research, “ENERGEN CORP is a diversified energy holding company engaged in natural gas distribution and oil and natural gas exploration and production activities. The Corporation’s utility subsidiary, Alabama Gas Corporation, is the largest natural gas distribution utility in the State of Alabama. The Corporation’s oil and gas exploration and production activities are conducted by its subsidiary, Taurus Exploration, Inc. and its subsidiary.” Get a free copy of the Zacks research report on Energen Corporation (EGN).