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SandRidge Energy Q3 revenue rises 37% on higher output and prices

By Reuters News


Overview

  • US oil and gas producer's Q3 revenue rose 37% yr/yr on higher production and prices

  • Adjusted net income per share for Q3 rose to $0.64 from $0.42 last year


Outlook

  • Company plans to continue one-rig development in the Cherokee Play and pursue M&A opportunities


Result Drivers

  • HIGHER PRODUCTION - Co said Q3 production rose 10% yr/yr, driven by new wells from its Cherokee development program and recently acquired assets

  • HIGHER COMMODITY PRICES - Co said improved oil and NGL prices contributed to higher revenues in Q3

  • ASSET ACQUISITION - Co said recently acquired assets in the Cherokee Play contributed to increased production and revenue for part of Q3


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.83

Q3 Adjusted Net Income

$23.80 mln

Q3 Net Income

$30.60 mln

Q3 Adjusted EBITDA

$39.30 mln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the oil & gas exploration and production peer group is "buy."

  • Wall Street's median 12-month price target for SandRidge Energy Inc is $14.00, about 4.6% above its November 3 closing price of $13.38

  • The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago


Reuters Recommended Reads

  • Nov 3 - Matador Q3 adjusted EPS and net income beat estimates on record production

  • Nov 3 - SM Energy Q3 profit misses on operational downtime

  • Nov 2 - Diamondback Energy boosts production forecast amid elevated oil prices


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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