Analyst Actions: SandRidge Energy Initiated With Neutral, TP of $6.30 at Credit Suisse; Shares Spike 5%
Analysts at Credit Suisse have initiated coverage of SandRidge Energy, Inc. ( SD ) with a Neutral rating and a price target of $6.30 a share.
"We expect shares to be range bound in 2013, given continued outspend and significant levels of unproductive capex, which will likely mask value-creation potential from this intriguing play," said Credit Suisse. "Following the gas price collapse and consistent outspend of its cash flows, SD's financial position has been under duress, which led to dubious strategic moves such as the ill-fated purchase of GoM shelf properties through Dynamic Offshore."
Shares of SD have surged 4.9% to to $5.91, amid a 52-week range of $4.81 - $8.98.