Energen (EGN) Announces Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Share on StockTwits

Energen (NYSE:EGN) issued its earnings results on Tuesday. The oil and gas producer reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.11, Morningstar.com reports. The company had revenue of $380.88 million during the quarter, compared to the consensus estimate of $364.64 million. Energen had a net margin of 35.43% and a return on equity of 6.83%.

EGN stock traded up $1.83 during mid-day trading on Wednesday, hitting $74.24. The company had a trading volume of 1,645,200 shares, compared to its average volume of 1,328,936. The company has a quick ratio of 0.50, a current ratio of 0.57 and a debt-to-equity ratio of 0.23. The stock has a market cap of $7.16 billion, a P/E ratio of 98.99 and a beta of 1.50. Energen has a 12-month low of $47.81 and a 12-month high of $89.83.

In other Energen news, insider Carl C. Icahn bought 500,000 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The shares were purchased at an average cost of $76.63 per share, for a total transaction of $38,315,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Carl C. Icahn bought 100,000 shares of the firm’s stock in a transaction dated Friday, August 10th. The shares were acquired at an average price of $72.34 per share, for a total transaction of $7,234,000.00. The disclosure for this purchase can be found here. Insiders have bought a total of 800,000 shares of company stock worth $59,863,000 over the last 90 days. Corporate insiders own 1.05% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in EGN. Third Point LLC purchased a new stake in shares of Energen during the 2nd quarter valued at about $98,307,000. SG Americas Securities LLC raised its position in shares of Energen by 763.0% during the 3rd quarter. SG Americas Securities LLC now owns 497,050 shares of the oil and gas producer’s stock valued at $42,831,000 after buying an additional 439,454 shares in the last quarter. Morgan Stanley raised its position in shares of Energen by 103.5% during the 2nd quarter. Morgan Stanley now owns 686,810 shares of the oil and gas producer’s stock valued at $50,014,000 after buying an additional 349,259 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Energen during the 2nd quarter valued at about $22,037,000. Finally, Renaissance Technologies LLC raised its position in shares of Energen by 335.0% during the 2nd quarter. Renaissance Technologies LLC now owns 293,200 shares of the oil and gas producer’s stock valued at $21,351,000 after buying an additional 225,800 shares in the last quarter. Hedge funds and other institutional investors own 92.66% of the company’s stock.

Several brokerages recently weighed in on EGN. US Capital Advisors downgraded shares of Energen from an “overweight” rating to a “hold” rating in a report on Monday, October 22nd. ValuEngine downgraded shares of Energen from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. Zacks Investment Research cut shares of Energen from a “buy” rating to a “hold” rating in a research note on Tuesday, October 16th. Williams Capital cut shares of Energen from a “buy” rating to a “hold” rating and set a $68.00 price target on the stock. in a research note on Friday, July 20th. Finally, Royal Bank of Canada boosted their price target on shares of Energen to $81.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 15th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Energen currently has an average rating of “Hold” and an average price target of $78.35.

COPYRIGHT VIOLATION WARNING: “Energen (EGN) Announces Quarterly Earnings Results, Beats Estimates By $0.11 EPS” was originally reported by Week Herald and is the property of of Week Herald. If you are viewing this report on another domain, it was illegally copied and republished in violation of U.S. & international trademark & copyright law. The legal version of this report can be read at https://weekherald.com/2018/11/07/energen-egn-announces-quarterly-earnings-results-beats-estimates-by-0-11-eps.html.

Energen Company Profile

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.

Further Reading: What is an Initial Public Offering (IPO)?

Earnings History for Energen (NYSE:EGN)

Receive News & Ratings for Energen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Energen and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply