Stone Energy Corporation (NYSE:SGY) shares shot up 18.6% on Tuesday following a stronger than expected earnings report. The company traded as high as $25.98 and last traded at $25.72, with a volume of 649,188 shares traded. The stock had previously closed at $21.69.

The oil and natural gas company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.42. Stone Energy Corporation had a negative return on equity of 80.70% and a negative net margin of 7.94%. The firm had revenue of $76.72 million during the quarter.

Several research firms have issued reports on SGY. ValuEngine upgraded Stone Energy Corporation from a “strong sell” rating to a “sell” rating in a research note on Thursday, May 18th. Zacks Investment Research upgraded Stone Energy Corporation from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Wednesday, April 12th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $12.33.

Several hedge funds have recently made changes to their positions in SGY. GeoSphere Capital Management acquired a new stake in shares of Stone Energy Corporation during the first quarter worth $4,202,000. Ameriprise Financial Inc. acquired a new stake in shares of Stone Energy Corporation during the first quarter worth $4,261,000. SG Americas Securities LLC acquired a new stake in shares of Stone Energy Corporation during the first quarter worth $123,000. Credit Suisse AG raised its stake in shares of Stone Energy Corporation by 890.1% in the first quarter. Credit Suisse AG now owns 533,774 shares of the oil and natural gas company’s stock worth $11,658,000 after buying an additional 479,864 shares during the period. Finally, Sei Investments Co. acquired a new stake in shares of Stone Energy Corporation during the first quarter worth $253,000. Institutional investors own 87.24% of the company’s stock.

The firm’s 50 day moving average price is $20.29 and its 200 day moving average price is $25.20. The firm’s market capitalization is $514.37 million.

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About Stone Energy Corporation

Stone Energy Corporation is an independent oil and natural gas company. The Company is engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties. The Company operates in the Gulf of Mexico (GOM) basin. It has leveraged its operations in the GOM conventional shelf and has its reserve base in the prolific basins of the GOM deep water, Gulf Coast deep gas, and the Marcellus and Utica shales in Appalachia.

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