Sep. 29, 2014, 12:26 PM
- Encana’s (ECA +2.3%) takeover of Athlon Energy (ATHL +24.6%) is good news for Diamondback Energy (FANG +2.3%) and Energen (EGN +2.2%), according to analysts at Sterne Agee.
- The acquisition implies a value of $98/share for FANG, Sterne says, based on FANG's 85K net acre leasehold position, estimated 19.8K boe/day of Q3 production, $585M of assumed debt, and a $1.7B market value for the Viper Energy Partners (NASDAQ:VNOM) units it owns.
- The firm sees even more upside for EGN, as ECA’s price implies a value of $102/share for EGN, based on 180K net acres across both sides of the Permian Basin, 48K boe/day of Q3 Permian Basin production, 132M cfe/day of Q3 San Juan Basin, and $835M of pro forma net debt as of Sept. 30.
- Permian producers Laredo Petroleum (LPI +5%), Parsley Energy (PE +5%) and RSP Permian (RSPP +4.8%) also are higher following the acquisition news.
Apr. 30, 2014, 5:33 PM
- Energen Corporation (EGN): Q1 EPS of $1.05 misses by $0.15.
- Revenue of $561.17M (+18.4% Y/Y) misses by $3.3M.
- Shares +1.5% AH.
Jan. 28, 2014, 11:18 AM
- Energen (EGN +5.2%) reportedly is shopping its Alabama natural gas utility, and is working with J.P. Morgan on the sale, as it looks to refocus its operations on its core oil and gas extraction business.
- EGN has indicated in the past that it might sell the Alagasco business, which distributes gas to ~425K customers in central Alabama and whose worth Citi has estimated at ~$1.2B.
- Macquarie analysts have said a main risk facing EGN's stock was any change in Alabama utility regulations, but the unit has long contributed much of EGN's dividend.
Aug. 1, 2013, 3:51 PM
- Energen (EGN +10.5%) moves up today on a solid Q2 earnings beat.
- Net earnings fell 37% Y/Y on higher costs, however, as gains in operating revenue were offset by higher costs.
- The company lowered its FY13 view, now expecting an EPS of $3.15 to $3.55, citing increased estimates for lease operating expenses and slight changes to product mix, from its prior view of $3.34 to $3.74 a share.
- UBS raises their price target to $67 from $60 on the back of the report, citing strong upper Wolfcamp results.
Aug. 1, 2013, 10:49 AM
- Pioneer Natural Resources (PXD +14.8%) powers higher following Q2 results that included significant progress in its horizontal well drilling program in the heart of the Midland Basin.
- FBR awards a Street-high $250 target price to the shares, seeing risk/reward significantly skewed toward a favorable outcome in the Spraberry/Wolfcamp drilling program.
- BAML analysts note PXD's first Wolfcamp interval well tested out as one of the best wells in the play, and sees upside to its $200 target.
- Other names with a strong Wolfcamp presence: LPI +10.6%, EGN +10.7%.
Apr. 26, 2013, 5:31 PM
Dec. 18, 2012, 4:50 PMEnergen (EGN) -2.8% AH after issuing downward guidance for FY 2012, seeing EPS of $3.15-$3.25 vs. $3.42 analyst consensus. Says its 2013 capital budget of $975M will focus primarily on the exploration and development of its liquids-rich assets in the Permian Basin, but infrastructure-related issues will negatively affect production in Q4 2012 and possibly H1 2013. | Comment!
Oct. 25, 2012, 12:11 PMEnergen (EGN -6.9%) slides on wide Q3 miss late yesterday. Net earnings plunged 98% as the company saw a 27% drop in operating revenue for oil and gas operations and a 30% plunge in natural-gas prices. The company says it plans to cut investment in natural-gas production this year due to the low prices, and turn its attention instead to its oil-and liquids-rich Permian Basin operations in Texas. | Comment!
Jun. 1, 2012, 3:43 PMBarron's "two defensive picks" in energy exploration are getting pummeled along with other energy issues as crude oil caps an 8.4% loss on the week. Pioneer Natural Resources (PXD -8.9%) and Energen (EGN -3.2%) have "extensive hedge protection through 2014" that provides resiliency to their capital program, which should protect growth expectations during the period. | Comment!
Apr. 26, 2012, 2:26 PM
EGN vs. ETF Alternatives
Energen Corp is a domestic oil and gas exploration and production company. Its reserves are primarily in the Permian basin of west Texas. The Company is also exploring the potential of an emerging oil play in the Mancos formation in the San Juan Basin.
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