Long-Term Returns of Keith Meister’s 5 Activist Targets

4. Energen Corporation (NYSE:EGN)

Long Term Returns: 140%
S&P 500 Returns: 13.46%
Activist Investment: 2018

Energen Corporation (NYSE:EGN) was an oil-focused exploration and production company within the Permian basin of West Texas. Activist hedge fund manager Meister bought stakes in the company in 2017 and started a proxy battle to unlock shareholder value. He pushed for board and management changes and a review of the overall business.

In 2018, Meister would reunite with Carl Icahn by selling him 2 million shares with an option to buy more. The two would join forces in the push to sell the company in a bid to unlock value or buy it altogether.

In April, when Diamondback tabled a $9.2 billion bid to acquire Energen Corporation (NYSE:EGN), Meister and Icahn did not oppose it as they had been pushing for a sale to address the company’s weak results. The deal valued the company at $65 a share. By the time the deal was closed in November, Meister had sold some of its holdings for about $85 a share, translating to a 40% plus gain on the investment.