Zacks Investment Research Lowers SandRidge Energy (SD) to Strong Sell
SandRidge Energy (NYSE:SD) was downgraded by Zacks Investment Research from a “buy” rating to a “strong sell” rating in a research report issued on Wednesday.
According to Zacks, “SandRidge Energy, Inc. is an oil and natural gas company. It engaged in the development and production activities of oil and gas. The company’s operating segment consists of Exploration and Production, Drilling and Oil Field Services and Midstream Gas Services. Exploration and Production segment is engaged in the acquisition, development and production of oil and natural gas properties. Drilling and Oil Field Services segment is engaged in the contract drilling of oil and natural gas wells. Midstream Gas Services segment is engaged in the purchasing, gathering, treating and selling of natural gas. SandRidge Energy, Inc. is headquartered in Oklahoma City, OK. “
A number of other research firms also recently weighed in on SD. Mizuho downgraded SandRidge Energy from a “buy” rating to a “neutral” rating and set a $25.00 price objective for the company. in a report on Tuesday, January 16th. ValuEngine upgraded SandRidge Energy from a “hold” rating to a “buy” rating in a report on Friday, December 1st.
In related news, insider James Donald Bennett sold 100,000 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $21.12, for a total value of $2,112,000.00. Following the completion of the sale, the insider now directly owns 359,148 shares in the company, valued at $7,585,205.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Philip T. Warman sold 13,351 shares of the stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $21.21, for a total value of $283,174.71. Following the completion of the sale, the senior vice president now owns 50,267 shares of the company’s stock, valued at $1,066,163.07. The disclosure for this sale can be found here. Insiders sold 138,527 shares of company stock valued at $2,917,714 over the last 90 days. 3.60% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Schwab Charles Investment Management Inc. boosted its position in SandRidge Energy by 36.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 134,661 shares of the oil and natural gas company’s stock valued at $2,706,000 after acquiring an additional 35,637 shares during the last quarter. California State Teachers Retirement System bought a new stake in SandRidge Energy during the second quarter valued at $1,065,000. Dalton Greiner Hartman Maher & Co. boosted its position in SandRidge Energy by 75.1% during the fourth quarter. Dalton Greiner Hartman Maher & Co. now owns 170,001 shares of the oil and natural gas company’s stock valued at $3,582,000 after acquiring an additional 72,895 shares during the last quarter. Alambic Investment Management L.P. bought a new stake in SandRidge Energy during the fourth quarter valued at $950,000. Finally, Voya Investment Management LLC bought a new stake in SandRidge Energy during the second quarter valued at $295,000. 74.92% of the stock is currently owned by institutional investors and hedge funds.
About SandRidge Energy
SandRidge Energy, Inc is an oil and natural gas company. The Company is engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. It operates through two segments: exploration and production, which is engaged in the exploration and production of oil and natural gas properties and includes its proportionate share of the activities of the SandRidge Mississippian Trust I, SandRidge Mississippian Trust II and SandRidge Permian Trust (the Royalty Trusts), and midstream services, which coordinates the delivery of electricity to its exploration and production operations in the Mid-Continent.
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