Energen Corporation (EGN)

[eFinanceMarkets]

$EGN Energen started at Outperform by Imperial Capital

Energen (EGN +1.1%) is higher after Imperial Capital launched coverage of the oil and natural gas producer with an Outperform rating and a $61 price target.

EGN has sold off its non-Permian and non-E&P assets during the downturn and has built up a sizeable inventory in the Delaware Basin and Midland, and now boasts a robust growth profile and has demonstrated it is a good operator, Imperial says.

The recommendation follows reports last week that Elliott Management was teaming up with Corvex Management to press EGN into exploring potential sale opportunities.