Why SandRidge Energy (SD) Stock Is Up After-Hours Wednesday

NEW YORK (TheStreet) -- SandRidge Energy (SD) was gaining 3.4% to $6.946 in after-hours trading Wednesday after beating analysts' estimates for earnings and revenue in the first quarter.

For the first quarter SandRidge posted earnings of 7 cents a share, beating the Capital IQ Consensus Estimate of 2 cents a share by 5 cents. Revenue fell -13.4% from the year-ago quarter to $443.05 million, but still beat analysts' estimates of $406.43 million.

"We are well on our way to deliver the early part of our three year growth plan introduced at our March analyst day," SandRidge president and CEO James Bennett said. "Resumed normal weather conditions have us back on track, with recent activity offsetting the temporary extreme weather challenges in our first quarter Mid-Continent operations. We produced 55 MBoe per day in April compared to our first quarter average of 51 MBoe per day, and brought on 45 new wells in April, compared to 71 wells for all of the first quarter."

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TheStreet Ratings team rates SANDRIDGE ENERGY INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate SANDRIDGE ENERGY INC (SD) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and generally higher debt management risk."

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