Pinnacle Associates Ltd. Makes New Investment in SandRidge Energy, Inc. $SD

Pinnacle Associates Ltd. bought a new position in SandRidge Energy, Inc. (NYSE:SD) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 68,988 shares of the oil and natural gas company’s stock, valued at approximately $931,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. First Wilshire Securities Management Inc. raised its position in shares of SandRidge Energy by 0.5% in the 1st quarter. First Wilshire Securities Management Inc. now owns 1,407,863 shares of the oil and natural gas company’s stock worth $22,962,000 after purchasing an additional 6,886 shares during the last quarter. First Trust Advisors LP boosted its stake in SandRidge Energy by 27.5% in the 1st quarter. First Trust Advisors LP now owns 419,445 shares of the oil and natural gas company’s stock worth $6,841,000 after purchasing an additional 90,524 shares in the last quarter. Bank of New York Mellon Corp bought a new position in SandRidge Energy in the 2nd quarter worth about $5,191,000. Empowered Funds LLC lifted its stake in shares of SandRidge Energy by 10.1% in the first quarter. Empowered Funds LLC now owns 136,824 shares of the oil and natural gas company’s stock worth $2,232,000 after buying an additional 12,560 shares in the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new position in SandRidge Energy in the 1st quarter worth approximately $1,558,000. 61.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SD has been the subject of a number of research analyst reports. Weiss Ratings raised SandRidge Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Zacks Research raised SandRidge Energy to a “hold” rating in a report on Monday, October 5th. Finally, Wall Street Zen cut SandRidge Energy from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Three equities research analysts have rated the stock with a Hold rating. According to MarketBeat, SandRidge Energy has an average rating of “Hold”.

SandRidge Energy Stock Up 3.6%

Shares of SandRidge Energy stock opened at $14.76 on Friday. SandRidge Energy, Inc. has a twelve month low of $11.41 and a twelve month high of $18.45. The company’s 50 day moving average is $14.15 and its 200 day moving average is $14.34. The company has a market cap of $547.15 million, a price-to-earnings ratio of 6.59 and a beta of 0.71.

SandRidge Energy (NYSE:SD) last posted its earnings results on Wednesday, August 5th. The oil and natural gas company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.18). SandRidge Energy had a return on equity of 13.62% and a net margin of 46.06%. The company had revenue of $51.12 million during the quarter, compared to the consensus estimate of $59.00 million. Sell-side analysts expect that SandRidge Energy, Inc. will post 2.13 EPS for the current fiscal year.

SandRidge Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Wednesday, August 19th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Wednesday, August 19th. SandRidge Energy’s dividend payout ratio is presently 23.21%.

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.

Founded in 2006 by Tom Ward, SandRidge Energy became a publicly traded company and later completed a financial restructuring under Chapter 11 bankruptcy protection in 2016.