Stifel Raises Price Target on Energen (EGN) to $67; Reiterates Buy
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Stifel reiterated a Buy rating on Energen (NYSE: EGN), and raised the price target to $67.00 (from $60.00), after adjusting estimates. Stifel increased its 2017 production forecast 9% to 66.3 MBoe/d, which implies 22% y/y growth and sits 5% higher than Street consensus. EGN is estimated to grow 2018 production 25% y/y, 10% above consensus, based on a 9 rig program and $860 million total capital budget.
Analyst Daniel Guffey commented, "After incorporating an assumption that EGN maintains an active drilling program focusing primarily on long laterals through 2018, we are increasing our FY17 production estimate 9% (which implies 22% y/y growth) and are introducing a 2018 production estimate of 25% y/y growth. Our '17/'18 production estimates sit 5%/10% above consensus. Furthermore, we believe the recent deployment of gen-3 completions could boost our NAV by >10% as early as 1H17."
Shares of Energen closed at $56.82 yesterday.
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