SandRidge Energy (SD) Stock Higher Today as Oil Prices Rise
NEW YORK (TheStreet) -- Shares of SandRidge Energy (SD) - Get Report are up 4.88% to $1.72 in midday trading today as oil prices rose on a weaker dollar.
West Texas Intermediate was up 0.71% to $46.88 at 12:16 p.m. in New York, while Brent was higher by 0.42% to $55.55. The WSJ Dollar Index fell 0.69%.
Oil prices rose today as a weaker dollar offset concerns over global oversupply after Saudi Arabia said it was pumping around 10 million barrels per day, near a record high, Reuters reports.
"The dollar fell sharply again, which lends tailwind to oil prices," Commerzbank analyst Carsten Fritch told Reuters.
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. Dave sees the stock as an Inflection-Point holding, meaning it has a broken business model that's on the mend but has yet to be recognized by the market. Investors who recognize a turnaround early can pocket strong returns. Given his current rating, he would buy on a pullback. During the most recent weekly roundup, this is what Dave had to say about the stock:
(SD; 1,600 shares [holding]; 1.43% [weighting in portfolio]; Inflection Point; $8 price target): The company explores for natural gas and oil in the U.S., primarily onshore. The shares bounced back more than 6% this week, along with the underlying price of oil. We maintain SandRidge is relatively better hedged and has less debt than its competitors.
- David Peltier, 'Weekly Roundup' originally published 3/20/2015 on Stocks Under $10.
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