UBS Maintains a 'Neutral' on SandRidge Energy (SD); Q3 In Line, 2011E Oil Production Lowered

UBS maintains a 'Neutral' on SandRidge Energy (NYSE: SD) price target raised from $8.00 to $8.50.

UBS analyst says, "Q311 clean EPS/CFPS of $0.01/$0.23 beat UBSe of $(0.04)/$0.14 largely on better than expected price realizations & lower per-unit costs. EPS/CFPS were roughly in line with consensus of $(0.01)/$0.23. 3Q11 volume of 67.2 MBoed was up 14% YoY & 8% QoQ but missed UBSe by 2%. Realized prices rose 10% YoY (2% above UBSe). Pre-tax per unit costs fell 8% YoY to $7.48/Mcfe (4% below UBSe)."

"...We also revised our ‘11-12 EPS/CFPS estimates to ($0.05)/$0.75 & $0.00/$1.05 from ($0.10)/$0.60 & $0.10/$0.95 on removal of minority interests from CF estimates, partly offset by higher costs & a gassier production mix."

For more ratings news on SandRidge Energy click here and for the rating history of SandRidge Energy click here.

Shares of SandRidge Energy closed at $8.25 yesterday.

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