Energen (EGN) PT Lowered to $67 at Deutsche Bank Following 4Q

Deutsche Bank lowered its price target on Energen (NYSE: EGN) to $67.00 (from $70.00) while maintaining a Buy rating following the company's 4Q earnings report. EGN reported 97.4 mboe/d of total production in 4Q17, compared to consensus of 86.2 mboe/d. Oil production of 58.1 mbo/d, came in 8% above consensus of 56.2/53.9 mbo/d. Adjusted EBITDA of $241mm beat estimates primarily on higher volumes.

EGN expects 2018 production to average 91.5-98.5 mboe/d, which implies ~25% year over year growth and is 1% below the street estimate at the midpoint of guidance.

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