SandRidge Energy, Inc. (NYSE:SD) Down 6.3% Last Week


Dallas, Texas 10/28/2013 (Financialstrend) – The $3.1 billion market capped SandRidge Energy, Inc. (NYSE:SD) is involved in oil and gas drilling operations. In the past week of trading it has seen its market value dip by 6.3%. The melt down in value was acute on the last day of trading last week with close to 2.4% of value getting shaved off its previous day close. These sell off occurred in spite of rating reiteration by Barclays on October 21 as equal weight. The price target prescribed by analyst is $5.89 per share. This means a close to 10% discount on its close price on October 25 of $6.46 per share.

The sudden loss of investor confidence last week in the stock almost negates the 3.5% increase the stock has seen over the past fortnight. On October 15, the oil firm’s shares had posted a 3.5% increase in its market value when it became public knowledge that maverick investor Leon Copperman has pegged the target price for the stock at $10 for the stock. He has been quoted by CNBC to have said that “We think the news could get progressively better. Their acreage position and their production would justify a price probably 50% higher than it is presently.”

The oil drilling and extraction company has managed to post sales of  $2.9 billion in the past one year. In the same period, it has managed to post loss of    $1.01 billion. Its sales have gone up incrementally with a 7.1% increase in value compared to previous quarter. The earnings per share the company had posted during its 2Q operations was down 104% in the same time period. At the current price valuations, the stock is trading 13.5% less than its 52 week high pricing and 42% above its 52 week low pricing. Its long term inventors would be hoping that Copperman’s prediction on price hitting $10 happens quickly.