SandRidge Energy (NYSE:SD) Shares Gap Up After Dividend Announcement

SandRidge Energy, Inc. (NYSE:SD – Get Rating) gapped up before the market opened on Monday following a dividend announcement from the company. The stock had previously closed at $14.84, but opened at $15.80. SandRidge Energy shares last traded at $16.36, with a volume of 522,487 shares changing hands.

The newly announced dividend which will be paid on Wednesday, June 7th. Stockholders of record on Wednesday, May 24th will be given a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, May 23rd.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of SandRidge Energy from a “buy” rating to a “hold” rating in a research report on Friday, March 24th.

SandRidge Energy Stock Performance

The company’s 50-day moving average is $14.44 and its 200 day moving average is $16.31. The company has a market capitalization of $602.21 million, a PE ratio of 2.62 and a beta of 2.34.

SandRidge Energy (NYSE:SD – Get Rating) last announced its quarterly earnings results on Wednesday, March 15th. The oil and natural gas company reported $1.02 earnings per share (EPS) for the quarter. The firm had revenue of $56.11 million for the quarter. SandRidge Energy had a net margin of 96.37% and a return on equity of 37.95%.

Institutional Trading of SandRidge Energy

Institutional investors have recently made changes to their positions in the stock. Forum Financial Management LP purchased a new stake in shares of SandRidge Energy during the 4th quarter valued at about $443,000. Strs Ohio lifted its stake in shares of SandRidge Energy by 19.7% in the 3rd quarter. Strs Ohio now owns 37,700 shares of the oil and natural gas company’s stock worth $614,000 after purchasing an additional 6,200 shares during the period. NinePointTwo Capital LLC bought a new position in shares of SandRidge Energy in the 3rd quarter worth approximately $296,000. Kerrisdale Advisers LLC lifted its stake in shares of SandRidge Energy by 656.3% in the 3rd quarter. Kerrisdale Advisers LLC now owns 155,410 shares of the oil and natural gas company’s stock worth $2,535,000 after purchasing an additional 134,860 shares during the period. Finally, New York State Common Retirement Fund lifted its stake in shares of SandRidge Energy by 9.2% in the 4th quarter. New York State Common Retirement Fund now owns 64,877 shares of the oil and natural gas company’s stock worth $1,105,000 after purchasing an additional 5,477 shares during the period. Hedge funds and other institutional investors own 17.42% of the company’s stock.

About SandRidge Energy

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SandRidge Energy, Inc is an oil and gas company. It engages in acquisition, development, and production activities. The company was founded by Noah Malone Mitchell in 1984 and is headquartered in Oklahoma, OK.