Insiders and Wall Street Heavyweights Jumping on 4 Battered Large Caps
Here are four battered companies that some big name investors and insiders are buying shares of now.
Headquartered in Oklahoma City, OK Fiscal year ends December NYSE: SD sandridgeenergy.com
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the production, development, and acquisition of oil and gas properties. Its primary area of operation is the Mid-Continent region in Oklahoma, Texas, and Kansas. The company operates a one-rig development program in the Cherokee Shale Play, which is the primary growth driver for its production and reserves. SandRidge maintains a debt-free balance sheet and returns capital to shareholders through regular and special dividends as well as a share repurchase program. The company's total leasehold position, inclusive of Cherokee, NW Stack, and legacy assets, is approximately 95% held by production. SandRidge emphasizes operational efficiency with low general and administrative costs and pursues accretive acquisitions in its core operating area. Updated
Here are four battered companies that some big name investors and insiders are buying shares of now.
Activist investor Carl Icahn has acquired a 13.5% stake in oil driller SandRidge Energy and says he opposes the company's announced $746 million acquisition of Bonanza Creek Energy.
The SEC has announced that an Oklahoma-based oil-and-gas company has agreed to settle charges that it used illegal separation agreements and retaliated against a whistleblower.
SandRidge Energy has emerged from Chapter 11 bankruptcy protection and the stock has resumed traded under its previous ticker symbol, SD, on the New York Stock Exchange.
Since May 1, four more oil and gas exploration and production companies have sought bankruptcy protection, with two filings announced Monday morning.
According to Fitch Ratings, the energy industry's default rate in August could more than double its historical average.
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SandRidge Energy has a new plan now to pay down part of its debt, but analysts and investors just do not seem to be impressed.
Last week SandRidge Energy was downgraded by Credit Suisse after its earnings and now Standard & Poor’s has decided to downgrade its credit.
Despite rising energy prices, the outlook for SandRidge Energy is not good, according to Credit Suisse.
Wednesday's top analyst upgrades, downgrades and initiations include ARM Holdings, CDW, Chesapeake Energy, Garmin, Red Hat and Verizon Communications.
Monday's top analyst upgrades, downgrades and initiations include ARM Holdings, Exxon Mobil, Ford, Habit Restaurants, Oracle, Twitter and UPS.
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For insiders and 10% holders, sell-offs make initiating or adding to positions that much better. They certainly took advantage of it this week.
Many investors believe stocks priced under $10 have much more upside than traditional Dow and S&P 500 stocks.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the production, development, and acquisition of oil and gas properties. Its primary area of operation is the Mid-Continent region in Oklahoma, Texas, and Kansas.
The Wall Street consensus 12-month price target for SD is $14.00.