Deutsche Bank Re-instates Coverage on SandRidge Energy (SD) with a Hold
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Deutsche Bank re-instates coverage on SandRidge Energy (NYSE: SD) with a Hold.
Deutsche analyst says, "Following SD's withdrawal from the Crusader acquisition we are reinstating our rating at Hold and edging our target down $1 to $13. Following a two-day, 9% jump in the stock, implied upside sits just south of our preferred buys in the sector. As well, our more cautious longer-term view on natural gas impedes the 2011-12 outlook on a cash flow per debt-adjusted share basis, Q3 results were disappointing, and we can't help but worry that with Crusader off the table, SD could revisit other acquisitions that distract from the core Pinon story...Our E&P target prices represent a blend of our 2P NAV estimates and indicative 2010 values based on historical multiples of cash flow per debt-adjusted share, incorporating $7/$70 flat "mid-cycle" pricing. Downside risks: oil and to a greater extent natural gas prices, financial leverage coupled with significant spending commitments relating to its Century Plant JV over the next several years, possible delays in the Century Plant startup, premium valuations, intermittent exploratory disappointments. Upside risks: commodities prices, exploratory success."
To see more analyst ratings on SD Click Here.
SandRidge Energy, Inc., together with its subsidiaries, operates as a natural gas and oil company in the United States.
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