NEW YORK (TheStreet) -- Shares of SandRidge Energy (SD) - Get Report closed up by 7.05% to $1.67 today after oil prices rallied.

West Texas Intermediate, the U.S. benchmark, was up 4% to $45.20 at 4:10 p.m. in New York, while global benchmark Brent rose 6.07% to $56.76.

Oil staged a rally late in the session after the Federal Reserve suggested it could begin raising interest rates in the near term.

Following a meeting of the Federal Open Market Committee, it appeared that the central bank was coming closer to raising its short-term fed funds rate after it dropped the word "patient" from the text in its statement.

Separately, the average recommendation of 17 brokers' estimates on the stock is a 3.6, with a 3 representing a "hold" rating and a 4 an "underperform." The mean price target is $1.51.

Oklahoma City-based SandRidge Energy is an oil and natural gas company that focuses on exploration and production activities, operating businesses and infrastructure systems, including gas gathering and processing facilities, marketing operations, a saltwater disposal system, an electrical transmission system and a drilling rig.

Insight from TheStreet's Research Team:

SandRidge Energy is a core holding of David Peltier's Stocks Under $10 Portfolio. During the most recent weekly roundup, this is what he had to say about the stock:

The company explores for natural gas and oil in the U.S., primarily onshore. The stock fell 6% this week, along with the underlying price of oil. We maintain that SandRidge is better hedged and has relatively less debt than its small-cap peers.

- David Peltier, 'Weekly Roundup' originally published 3/13/2015 on Stocks Under $10.

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