NEW YORK (TheStreet) -- Shares of SandRidge Energy (SD) closed down 1.58% at $1.87 as crude oil prices tumbled on Monday, with global grades settling down more than $1 a barrel after an early rally fizzled and prices fell to their lowest levels since May 2009, Reuters reports.
WTI for February delivery fell 1.94% to $53.67 a barrel at 3:40 p.m. on the New York Mercantile Exchange. Futures touched $53.52, the lowest level since May 2009. Brent was down 2.47% to $57.98.
Separately, over the weekend, the law firm Pomerantz filed a class action lawsuit against the Oklahoma-based oil and gas company seeking to recover damages against defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
Exclusive Report: Jim Cramer's Best Stocks for 2015
The complaint alleges that the defendants made materially false and misleading statements regarding the company's business, operational and compliance policies.
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 a number of negative factors, 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."