SandRidge -9.5% as Q2 disappoints, Global Hunter downgrades • 2:47 PM
SandRidge Energy (SD -9.5%) plunges despite reporting Q2 earnings ahead of analyst expectations, although a 27% Y/Y decline in revenue to $375M fell short of estimates.
SD was plagued by problems late in the quarter, as power and weather-related disruptions curtailed 250M barrels of production.
Global Hunter downgraded shares to Neutral from Accumulate and cuts its price target to $7 from $8; with asset sales done, the firm says Q2 was supposed to be the first quarter for SD to prove that it can deliver operationally, but management credibility is called into question after a Q2 production miss and FY 2014 guidance lowered by ~4%.
If the Coop wants to get his money back, he needs to take over the company and fire all of the management team. I'm long and been had by Mr. Tom and TPG. like the reat of us.
Not sure its worth half billon off share price. What I don't understand is how the share price has been falling for three weeks when earnings just came out. I follow this stock and heard nothing. How do people know the miss three weeks in advance? The average guy is left holding the bag its a no win.