Keith Meister’s Corvex Management Lp Sold More Energen Corp Shares

June 20, 2018 - By Linda Rogers

Energen Corporation (NYSE:EGN) LogoInvestors sentiment increased to 1.24 in 2018 Q1. Its up 0.28, from 0.96 in 2017Q4. It is positive, as 25 investors sold Energen Corporation shares while 87 reduced holdings. 60 funds opened positions while 79 raised stakes. 84.42 million shares or 2.30% less from 86.41 million shares in 2017Q4 were reported.

Prelude Capital Mngmt Limited Liability has 6,240 shares. Parallax Volatility Advisers Limited Partnership invested in 0% or 237 shares. Credit Suisse Ag holds 0.02% or 292,854 shares. The Pennsylvania-based Smithfield Tru Communication has invested 0% in Energen Corporation (NYSE:EGN). Us Bankshares De holds 0% or 20,724 shares. Deroy Devereaux Private Inv Counsel owns 256,202 shares. Valley Advisers holds 100 shares. Manufacturers Life Insur Company The reported 155,588 shares. Freestone Cap Hldgs Limited Liability Corp invested 0.02% of its portfolio in Energen Corporation (NYSE:EGN). Dean Invest Associate Ltd Limited Liability Company holds 15,091 shares or 0.14% of its portfolio. Point72 Asset Lp holds 0.04% or 150,000 shares in its portfolio. Optimum Inv holds 0.06% or 3,500 shares in its portfolio. Jacobs Levy Equity Mgmt holds 143,513 shares or 0.15% of its portfolio. Guggenheim Cap Ltd Liability Co holds 0% or 13,282 shares. Menta Capital Lc reported 15,300 shares.

Since March 9, 2018, it had 1 insider purchase, and 3 insider sales for $140,273 activity. $1.00M worth of Energen Corporation (NYSE:EGN) shares were bought by COHEN JONATHAN Z. Another trade for 3,116 shares valued at $180,907 was made by MCMANUS J T on Monday, March 26.

Keith Meister’s Corvex Management Lp Reported reduced Stake in Energen Corp

Corvex Management Lp filed with SEC a SC 13D/A form for Energen Corp. It can be found at: 000119312518198036. As reported by Keith Meister’s Corvex Management Lp, the filler decreased its stake in the stock by -9.73 % for 7,710,474 shares. Keith Meister’s Corvex Management Lp currently owns 7.9% of the Utilities & Telecommunications- stock. Date of activity: June20, 2018.

The hedge fund with about $8.18 billion looks more negative after reporting such a decrease of its Energen Corp ownership.

The hedge fund is investor in the Utilities & Telecommunications sector.

Reasons Why Keith Meister’s Corvex Management Lp Holds Energen Corp

Item4. Purpose of Transaction

As previously disclosed, on May20, 2018, the Corvex Parties and the Icahn Group entered into the Purchase Agreement pursuant to which the Icahn Groupagreed to purchase 750,000 Shares of the Issuer at a price of $64.84 per Share from the Corvex Parties, with the transaction to settle on the earlier of (x)July18, 2018 or (y)one business day following the receipt by the IcahnGroup of clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”). On June19, 2018, the Icahn Group received HSR clearance and the transaction pursuant to the Purchase Agreement settled onJune20, 2018.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may from time to time and at any timein the future depending on various factors, including, without limitation, the Issuer’s financial position and strategic direction, actions taken by the Board, price levels of the Shares, other investment opportunities available to theReporting Persons, conditions in the securities market and general economic and industry conditions, take such actions with respect to their investments in the Issuer as they deem appropriate, which may include further discussions with the Issuerregarding matters previously disclosed in this Schedule 13D, as well as seeking direct discussions with, and changes or additions to, the Board. These actions may include, without limitation: (i)acquiring additional Shares and/or other equity,debt, notes, other securities, or derivative or other instruments that are convertible into Shares, or are based upon or relate to the value of the Shares or the Issuer (collectively, “Securities”) in the open market or otherwise;(ii)disposing of any or all of their Securities in the open market or otherwise; (iii)engaging in any hedging or similar transactions with respect to the Securities; or (iv)proposing or considering one or more of the actionsdescribed in subsections (a)through (j) of Item 4 of Schedule 13D.

Energen Corp Institutional Sentiment

Filings show 241 investors own Energen Corp. The ownership in Q3 2017 is very high, at Infinity of the outstanding shares. This is increased by 6594300. 89382961 were owned by these investors. 41 funds opened new Energen Corp stakes, 81 increased positions. There were 34 that closed positions and 86 reduced them.

4 investors had the stock in their top 10. Some are: Corvex Management Lp, Systematic Financial Management Lp, Cambrian Capital Limited Partnership, Encompass Capital Advisors Llc, Goldentree Asset Management Lp, Brenham Capital Management L.P., Cipher Capital Lp..

Keith Meister Corvex Management Lp is an investor bullish on Energen Corp, owning 9790768 shares as of Q3 2017 for 20.13% of its portfolio. World Asset Management Inc owns 6246 shares or 0.01% of its portfolio. NY Fenimore Asset Management Inc have 0.01% of its portfolio for 4941 shares. Further, Scout Investments Inc reported stake worth 0.60% of its portfolio. The MD Corbyn Investment Management Inc owns 4403 shares. Energen Corp is 0.08% of its portfolio.

SEC Form 13D.

Analysts await Energen Corporation (NYSE:EGN) to report earnings on August, 14. They expect $0.73 earnings per share, up 1,116.67 % or $0.67 from last year’s $0.06 per share. EGN’s profit will be $71.12M for 22.21 P/E if the $0.73 EPS becomes a reality. After $0.81 actual earnings per share reported by Energen Corporation for the previous quarter, Wall Street now forecasts -9.88 % negative EPS growth.

The stock increased 0.57% or $0.37 during the last trading session, reaching $64.84. About 1.29M shares traded. Energen Corporation (NYSE:EGN) has risen 18.98% since June 20, 2017 and is uptrending. It has outperformed by 6.41% the S&P500.

Energen Corporation, through its subsidiary, Energen Resources Corporation, engages in the exploration, development, and production of oil, natural gas liquids, and natural gas. The company has market cap of $6.32 billion. It has activities within the Midland Basin, the Delaware Basin, and the Central Basin Platform areas of the Permian Basin in west Texas and New Mexico. It has a 16.13 P/E ratio.

Energen Corporation (NYSE:EGN) Ratings Coverage

Among 16 analysts covering Energen Corp (NYSE:EGN), 12 have Buy rating, 1 Sell and 3 Hold. Therefore 75% are positive. Energen Corp has $9900 highest and $6000 lowest target. $76.80’s average target is 18.45% above currents $64.84 stock price. Energen Corp had 28 analyst reports since January 16, 2018 according to SRatingsIntel. The firm earned “Buy” rating on Monday, May 21 by Williams Capital Group. The firm has “Buy” rating by KeyBanc Capital Markets given on Sunday, January 21. On Wednesday, April 11 the stock rating was maintained by BMO Capital Markets with “Hold”. The firm has “Buy” rating given on Monday, February 26 by Susquehanna. Susquehanna maintained it with “Buy” rating and $69.0 target in Wednesday, January 17 report. Stifel Nicolaus maintained Energen Corporation (NYSE:EGN) rating on Monday, April 23. Stifel Nicolaus has “Buy” rating and $9800 target. Morgan Stanley maintained it with “Overweight” rating and $73 target in Wednesday, February 7 report. The firm has “Overweight” rating given on Wednesday, January 24 by Morgan Stanley. The stock has “Buy” rating by Stephens on Tuesday, March 13. BMO Capital Markets maintained the shares of EGN in report on Monday, February 26 with “Hold” rating.

More news for Energen Corporation (NYSE:EGN) were recently published by: Seekingalpha.com, which released: “The Play Between Energy, Economy And Technological Change” on June 01, 2018. Seekingalpha.com‘s article titled: “Energen gains amid potential sale speculation” and published on June 06, 2018 is yet another important article.

Energen Corporation (NYSE:EGN) Institutional Positions Chart

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