Nomura Securities Raises Price Target on Energen (EGN) to $65; Reiterates Buy
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Nomura Securities reiterated a Buy rating on Energen (NYSE: EGN), and raised the price target to $65.00 (from $54.00). EGN plans on drilling 54-58 net DUCs in 2H16 with 11 rigs, tapering to 5-6 by year’s end. The company plans on ending 2016 with $350mn cash in hand, an untapped ~$1bn revolver, and debt/EBITDAX of ~0.8x.
Analyst Lloyd Byrne commented, "Investors continue to focus on the Permian. Some remain comfortable with names that de-rate fastest. Others are looking for avenues where Permian exposure is less appreciated. In the mid-cap space, we continue to recommend EGN. We have a $65/share objective."
Shares of Energen closed at $58.24 yesterday.
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