SandRidge Energy Inc. (NYSE:SD) Garners A Neutral Rating Out of Goldman Sachs


Dallas, Texas 10/15/2013 (Financialstrend) – SandRidge Energy Inc. (NYSE:SD) has announced that on November 5, it will announce its third quarter operations and financial results. The stock of SD has seen significant appreciation in its market value over the past 6 months and both retail and institutional investors (who own 67% of the 479 million shares outstanding) would be hoping that the 3Q results will help sustain and grow the market value of this $2.97 billion market capitalized oil manufacturer.

The stock has been able to sustain the gains in the back drop of Goldman Sachs opting to peg the prospects of SD at neutral on September 23. Goldman Sachs had gone ahead and set a $6 target price for the stock. This was as a direct result of SandRidge increasing its production forecast for Mississippi Lime mine by close to 4% for rest of 2013.

With its 2Q results beating the estimation of the analysts and its own forecast, SandRidge had announced on September 30 a semi annual dividend payout of $3.50 per share to share holders of its convertible preferred stock. The payout will happen on November 15. All share holders on record as of November 15 will be eligible for the dividend payout. A total of 3 million shares of 7.0% Convertible Preferred Stock has been issued by SD.

Thanks to its robust production and future potential, many analysts have been speculating that SD might be one of the potential takeover targets for Chinese oil firm Repsol. It has already been established that Repsol has embarked on executing it’s long term strategic plan to buy out a North America based oil and gas asset to increase its foot print and presence in the U.S. mainland. SD shares were trading at $6.19 per share down 0.64% from its previous close as of close of business on October 14.

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