SandRidge Energy (SD) Stock Declining Today on Lower Oil Prices
NEW YORK (TheStreet) -- Shares of SandRidge Energy (SD) - Get Report are declining by 1.01% to $1.46 in afternoon trading Monday, as West Texas Intermediate crude and Brent crude both trade in the red.
Oil prices continue to fall after French bank Societe Generale estimated that stockpiles are rising by 1.6 million barrels per day, and the rate of the build will increase further to 1.7 million barrels per day in the second quarter, according to Reuters.
Earlier today, WTI crude briefly fell below $43 a barrel, its lowest level since March of 2009, amid the rising global inventories.
Also, oil prices are falling as negotiations advanced toward a possible nuclear deal with Tehran. The agreement could allow more Iranian oil exports, Reuters reports.
WTI crude for April delivery is down 3.06% to $43.47 a barrel as of 12:47 p.m. ET on the New York Mercantile Exchange, while Brent crude for April delivery is similarly down 2.49% to $53.31 today.
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 Dave 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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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.