In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Energen Corporation (NYSE:EGN) reported that Corvex Capital has picked up 5,373,386 of common stock as of 2017-05-31.
The acquisition brings the aggregate amount owned by Corvex Capital to a total of 5,373,386 representing less than 5.5% stake in the company.
For those not familiar with the company, Energen Corporation is an oil and natural gas exploration and production company. The Company is engaged in the exploration, development and production of oil and natural gas properties and natural gas. Its operations are conducted through subsidiary, Energen Resources Corporation and occur within the Midland Basin, the Delaware Basin and the Central Basin Platform areas of the Permian Basin in west Texas and New Mexico. The Company is focused on increasing its oil, natural gas liquids and natural gas production and proved reserves through active development and/or exploratory programs in the Permian Basin. As of December 31, 2016, oil, natural gas liquids and natural gas represented approximately 60%, 20% and 20% of its reserves. As of December 31, 2016, its development activities added approximately 327 million barrels of oil equivalent (MMBOE) of reserves from the drilling of 623 gross development, exploratory and service wells and 73 well recompletions and pay-adds.
A glance at Energen Corporation (NYSE:EGN)’s key stats reveals a current market capitalization of 5.49 Billion based on 97.19 Million shares outstanding and a price at last close of $55.62 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-06-24, Gorrie picked up 1,000 at a purchase price of $47.26. This brings their total holding to 7,900 as of the date of the filing.
On the sell side, the most recent transaction saw Porter unload 6,000 shares at a sale price of $54.60. This brings their total holding to 31,472.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Energen Corporation (NYSE:EGN) as things move forward to see if its progress aligns with these transactions.
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