NEW YORK (TheStreet) --Shares of Energen (EGN) are up 0.66% to $48.74 in late afternoon trading after Credit Suisse raised its price target on the oil and natural gas producer to $57 from $48 in a note released earlier today, saying sales of non-core assets was a major factor for the increase.

Energen announced on Monday that the Birmingham, AL company successfully sold off positions in Delaware and the San Juan Basin, valued at $522 million.

This asset sale gave Credit Suisse confidence in Energen's ability to fund healthy growth in 2017 and 2018.

"In tandem with the deal, EGN also announced an accelerated 2016 capital program which increased to $475MM from $375-$425MM previously," Credit Suisse noted.

With the deal completed, Energen can focus on the remaining core Delaware program, investing $130 million of its 2016 capital as opposed to $80 million in its prior plan, the firm added.

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Credit Suisse reiterated its "outperform" rating on the shares.

Separately, TheStreet Ratings rated this stock as a Sell with a ratings score of D.

Energen's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: EGN

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