Market Overview

UPDATE: Global Hunter Securities Downgrades SandRidge Energy to Neutral on Production Declines

Related SD
SandRidge Energy & Atlas Energy: Leon Cooperman's Take On 2 Of His Largest Holdings
Wunderlich Downgrades Oil Players, Sees 500 Rigs Idling Soon

Global Hunter Securities reduced its rating on SandRidge Energy (NYSE: SD) from Buy to Neutral and lowered its price target from $9 to $5.

Global Hunter Securities said, "Not only did management announce plans to sell the Central Basin Platform assets, but it also informed the market that oil production from the company's other crown jewel asset, the Mississippian Lime, was not what they thought it would be. Specifically, what once was thought to be at least a 45% oil resource from the Mississippian Lime now looks more like 40% oil. While Mississippian downspacing typically would be a positive development, in this instance it appears to be more like marginalizing an even larger asset."

SandRidge Energy closed at $5.51 on Friday.

Latest Ratings for SD

DateFirmActionFromTo
Dec 2014WunderlichDowngradesHoldSell
Dec 2014BarclaysMaintainsEqual-weight
Oct 2014WunderlichMaintainsHold

View More Analyst Ratings for SD
View the Latest Analyst Ratings

Posted-In: Global Hunter SecuritiesAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (SD)

Around the Web, We're Loving...

Get Benzinga's Newsletters