UPDATE: Canaccord Genuity Reiterates Hold Rating, Lowers PT on SandRidge Energy
In a report published Monday, Canaccord Genuity reiterated its Hold rating on SandRidge Energy (NYSE: SD), but lowered its price target from $6.00 to $4.00.
Canaccord Genuity noted, “We are reducing our target price $2 to $4 per share due to $400 million lower per annum capital spending, a higher gas composition in the Mississippian play and consequently lower oil production outlook. SandRidge's capital spending/production relationship suggests the company's capital intensity is comparable to Bakken/Three Forks players.”
SandRidge Energy closed on Friday at $5.51.
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