Cooperman addressed both SandRidge and Atlas Energy (ATLS) . Omega owns stake in both companies, but Cooperman said he looks at the two differently.
"If present prices persisted for several years, SandRidge's survival would be an issue," he said. "So, I have not added to it, it's become a smaller part of my portfolio because of the big price decline, but we still own it."
Cooperman also talked about some trades in the energy space for the future. "My thought was, and I cannot give you names yet because I have to look towards the end of the year where the prices are, but I would try to win the contest by picking up a bunch of energy stocks, SandRidge not being one of them because I think there are real issues there," he said.
Separately, TheStreet Ratings team rates SANDRIDGE ENERGY INC as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to -say about their recommendation:
"We rate SANDRIDGE ENERGY INC (SD) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."