SandRidge Energy (NYSE:SD) Stock Lifted to Buy by Freedom Broker

Key Points

• Freedom Broker upgraded SandRidge Energy from Hold to Buy and set a $14 price target, implying 11.46% upside from the prior close.
• Despite the upgrade, analyst sentiment remains broadly cautious: MarketBeat reports a consensus Hold rating and an average $14 target, with one Buy and three Holds.
• SandRidge beat quarterly estimates, reporting EPS of $0.64 versus $0.51 expected and revenue of $54.42 million versus $49 million expected.

SandRidge Energy (NYSE:SD - Get Free Report) was upgraded by equities research analysts at Freedom Broker from a "hold" rating to a "buy" rating in a report released on Tuesday, Briefing.com reports. The brokerage currently has a $14.00 target price on the oil and natural gas company's stock. Freedom Broker's price objective would indicate a potential upside of 11.46% from the company's previous close.

A number of other brokerages have also weighed in on SD. Wall Street Zen upgraded shares of SandRidge Energy from a "hold" rating to a "buy" rating in a report on Saturday. Zacks Research upgraded shares of SandRidge Energy to a "hold" rating in a research note on Monday, October 5th. Finally, Weiss Ratings raised SandRidge Energy from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $14.00.

SandRidge Energy Price Performance

Shares of SD stock traded up $0.32 during trading hours on Tuesday, reaching $12.56. 218,084 shares of the stock were exchanged, compared to its average volume of 355,688. The business's fifty day moving average is $14.03 and its two-hundred day moving average is $14.88. SandRidge Energy has a 12-month low of $11.95 and a 12-month high of $18.45. The firm has a market capitalization of $465.72 million, a P/E ratio of 4.78 and a beta of 0.74.

SandRidge Energy (NYSE:SD - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The oil and natural gas company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.13. SandRidge Energy had a net margin of 50.14% and a return on equity of 14.98%. The company had revenue of $54.42 million during the quarter, compared to the consensus estimate of $49.00 million. As a group, equities research analysts predict that SandRidge Energy will post 2.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SandRidge Energy

Several hedge funds have recently added to or reduced their stakes in SD. Bank of New York Mellon Corp purchased a new position in SandRidge Energy during the 2nd quarter worth $5,191,000. Segall Bryant & Hamill LLC acquired a new position in SandRidge Energy in the first quarter valued at $1,558,000. First Trust Advisors LP increased its stake in SandRidge Energy by 27.5% in the first quarter. First Trust Advisors LP now owns 419,445 shares of the oil and natural gas company's stock valued at $6,841,000 after purchasing an additional 90,524 shares during the period. Pinnacle Associates Ltd. acquired a new position in SandRidge Energy in the third quarter valued at $931,000. Finally, Alps Advisors Inc. purchased a new stake in shares of SandRidge Energy in the third quarter valued at about $541,000. 61.84% of the stock is currently owned by hedge funds and other institutional investors.

SandRidge Energy Company Profile

SandRidge Energy, Inc. is an independent oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on acquiring, developing and operating oil and gas properties in the Mid-Continent region of the United States. SandRidge's operations have historically centered on the Mississippian Lime formation, which extends across northern Oklahoma and southern Kansas. Its production portfolio includes crude oil, natural gas and natural gas liquids, supported by operated drilling, production and field-development activities.

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