Susquehanna Considers Buyout of Energen (EGN); Traders Taking Profits Today

With shares of Energen (NYSE: EGN) up nearly 10 percent over just the last two trading sessions, investors are hitting the sell button Tuesday and taking some profits. The stock last traded around $47.66, down 0.7 percent from Monday's close.

The modest move lower comes despite bullish comments from Susquehanna's Duane Grubert who wrote Energen could be a "plausible" buyout target. The analyst currently likes Energen's clean balance sheet and large amount of undeveloped acreage, as well as the stock's attractive valuation.

Grubert sees Concho Resources (NYSE: CXO), Occidental (NYSE: OXY), Apache (NYSE: APA), Cimarex Energy (NYSE: XEC) and Pioneer Natural (NYSE: PXD) as potential bidders.

Susquehanna maintains a Positive rating and $64 price target on shares of Energen. The firm's target implies potential upside of about 34 percent from where the stock is trading Tuesday.

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