KeyBanc Initiates Coverage On Energen At Buy, $75 PT

KeyBanc Capital Markets has initiated coverage on Energen Corporation EGN with a Buy rating and $75 price target. In the report, KeyBanc writes, "We are initiating coverage of Energen Corporation (EGN-NYSE) with a BUY rating and price target of $75.00 per share, given our view that EGN is an attractive Permian story to own and we are bullish on the Permian Basin. Based on our analysis, we believe 2011 is a transition year for the Company, as EGN will focus on continuing to build out its acreage position and delineating its new plays in the Permian Basin." Energen Corporation closed yesterday at $55.85.