Sterne Agee Reiterates Buy Rating, $60 PT on Energen Corporation
In a report published Wednesday, Sterne Agee Group reiterated its Buy rating and $60.00 price target on Energen Corporation (NYSE: EGN).
Sterne Agee noted, “After the close, Energen provided updated guidance on its 4Q12 and 2013 outlook. The company reduced production guidance through 2013, citing prolonged ethane rejection, continued gas line pressures, completion delays and oil takeaway issues in the Delaware Basin. None of these issues are new to the basin or to Energen. We do not believe shares should sell off significantly, and we would buy on weakness, given Energen's robust hedge program, which provides strong cash flow visibility into 2014.”
Energen Corporation closed on Tuesday at $45.30.
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