Panagora Asset Management Inc. cut its stake in Energen Co. (NYSE:EGN) by 74.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 48,001 shares of the oil and gas producer’s stock after selling 139,447 shares during the period. Panagora Asset Management Inc.’s holdings in Energen were worth $4,136,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Precocity Capital LP purchased a new position in shares of Energen during the 2nd quarter worth approximately $7,282,000. Schwab Charles Investment Management Inc. increased its stake in shares of Energen by 6.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 503,763 shares of the oil and gas producer’s stock worth $36,685,000 after purchasing an additional 28,575 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Energen by 6.3% during the 2nd quarter. Van ECK Associates Corp now owns 15,812 shares of the oil and gas producer’s stock worth $1,151,000 after purchasing an additional 934 shares in the last quarter. Voya Investment Management LLC increased its stake in shares of Energen by 53.3% during the 2nd quarter. Voya Investment Management LLC now owns 39,345 shares of the oil and gas producer’s stock worth $2,865,000 after purchasing an additional 13,676 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of Energen by 2.8% during the 2nd quarter. PNC Financial Services Group Inc. now owns 38,635 shares of the oil and gas producer’s stock worth $2,814,000 after purchasing an additional 1,061 shares in the last quarter. 86.86% of the stock is owned by institutional investors.
A number of brokerages have recently weighed in on EGN. Zacks Investment Research cut shares of Energen from a “buy” rating to a “hold” rating in a research note on Tuesday, October 16th. Royal Bank of Canada raised their price objective on shares of Energen to $81.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 15th. ValuEngine cut shares of Energen from a “buy” rating to a “hold” rating in a research note on Monday, August 13th. US Capital Advisors cut shares of Energen from an “overweight” rating to a “hold” rating in a research note on Monday, October 22nd. Finally, Morgan Stanley dropped their price objective on shares of Energen from $83.00 to $74.00 and set a “hold” rating for the company in a research note on Tuesday, November 20th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $79.17.
Energen (NYSE:EGN) last released its earnings results on Tuesday, November 6th. The oil and gas producer reported $0.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.11. The firm had revenue of $380.88 million during the quarter, compared to analysts’ expectations of $364.64 million. Energen had a net margin of 31.37% and a return on equity of 8.70%. As a group, sell-side analysts expect that Energen Co. will post 3.57 EPS for the current year.
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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.
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