Declared Dividend • May 11
First quarter dividend of US$0.33 announced Shareholders will receive a dividend of US$0.33. Ex-date: 20th May 2026 Payment date: 1st June 2026 Dividend yield will be 4.8%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (23% earnings payout ratio) but not covered by cash flows (108% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 4.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: US$0.51 (vs US$0.35 in 1Q 2025) First quarter 2026 results: EPS: US$0.51 (up from US$0.35 in 1Q 2025). Revenue: US$49.8m (up 17% from 1Q 2025). Net income: US$18.7m (up 43% from 1Q 2025). Profit margin: 38% (up from 31% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • May 05
SandRidge Energy, Inc. to Report Q1, 2026 Results on May 06, 2026 SandRidge Energy, Inc. announced that they will report Q1, 2026 results After-Market on May 06, 2026 Duyuru • Apr 28
SandRidge Energy, Inc., Annual General Meeting, Jun 10, 2026 SandRidge Energy, Inc., Annual General Meeting, Jun 10, 2026. Location: the renaissance oklahoma city , downtown bricktown hotel-warehouse room 2nd flr, 100 east sheridan avenue, oklahoma 73104, oklahoma United States Price Target Changed • Mar 11
Price target decreased by 12% to US$15.00 Down from US$17.00, the current price target is provided by 1 analyst. New target price is 9.1% below last closing price of US$16.50. Stock is up 42% over the past year. The company posted earnings per share of US$1.91 last year. Declared Dividend • Mar 08
Fourth quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 20th March 2026 Payment date: 31st March 2026 Dividend yield will be 2.7%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (24% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 6.3% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: US$1.91 (vs US$1.70 in FY 2024) Full year 2025 results: EPS: US$1.91 (up from US$1.70 in FY 2024). Revenue: US$156.4m (up 25% from FY 2024). Net income: US$70.2m (up 12% from FY 2024). Profit margin: 45% (down from 50% in FY 2024). The decrease in margin was driven by higher expenses. Oil reserves Proven reserves: 10.976 MMbbls Gas reserves Proven reserves: 202.276 Bcf LNG reserves Proven reserves: 24.46 MMbbls Combined production Oil equivalent production: 6.768 MMboe (6.056 MMboe in FY 2024) Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Duyuru • Mar 03
SandRidge Energy, Inc. to Report Q4, 2025 Results on Mar 04, 2026 SandRidge Energy, Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Mar 04, 2026 Declared Dividend • Nov 09
Third quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 14th November 2025 Payment date: 28th November 2025 Dividend yield will be 3.6%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (25% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 9.5% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 40% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: US$0.43 (vs US$0.69 in 3Q 2024) Third quarter 2025 results: EPS: US$0.43 (down from US$0.69 in 3Q 2024). Revenue: US$39.8m (up 33% from 3Q 2024). Net income: US$16.0m (down 37% from 3Q 2024). Profit margin: 40% (down from 85% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Duyuru • Nov 06
Sandridge Energy, Inc. Declares Cash Dividend, Payable on November 28, 2025 On November 4, 2025, the Board of SandRidge Energy, Inc. declared a dividend of $0.12 per share of the Company's common stock, which stockholders can elect to receive in cash or additional shares of common stock by enrolling in previously announced Dividend Reinvestment Plan, payable on November 28, 2025 to stockholders of record on November 14, 2025. Duyuru • Nov 05
SandRidge Energy, Inc. to Report Q3, 2025 Results on Nov 05, 2025 SandRidge Energy, Inc. announced that they will report Q3, 2025 results After-Market on Nov 05, 2025 Upcoming Dividend • Sep 15
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 22 September 2025. Payment date: 29 September 2025. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (4.0%). Recent Insider Transactions • Aug 20
Independent Chairman recently bought US$274k worth of stock On the 18th of August, Vincent Intrieri bought around 25k shares on-market at roughly US$10.96 per share. This transaction increased Vincent's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Vincent's only on-market trade for the last 12 months. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: US$0.53 (vs US$0.24 in 2Q 2024) Second quarter 2025 results: EPS: US$0.53 (up from US$0.24 in 2Q 2024). Revenue: US$34.5m (up 33% from 2Q 2024). Net income: US$19.6m (up 122% from 2Q 2024). Profit margin: 57% (up from 34% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Duyuru • Aug 07
SandRidge Energy, Inc. Declares Dividend, Payable on September 29, 2025 On August 5, 2025, SandRidge Energy, Inc. Board declared a $0.12 per share dividend, an increase of 9%, of the Company's common stock, payable on September 29, 2025 to shareholders of record on September 22, 2025. Duyuru • Aug 04
SandRidge Energy, Inc. to Report Q2, 2025 Results on Aug 06, 2025 SandRidge Energy, Inc. announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Duyuru • Jul 23
SandRidge Energy, Inc. Announces Appointment of Brett Icahn to the Board of Directors, Effective August 1, 2025 SandRidge Energy, Inc. announced that Brett Icahn will become a director of the Company effective August 1, 2025, increasing the Board size to six members. Brett Icahn (age 45) is a respected American investor and portfolio manager, currently serving as a member of the board of Icahn Enterprises L.P. and a Portfolio Manager at Icahn Capital LP, a subsidiary of Icahn Enterprises. Icahn Enterprises is a diversified holding company engaged in a wide range of sectors, including investment, automotive, energy, food packaging, metals, real estate, and home fashion. Since October 2020, Mr. Icahn has played a leading role in managing the investment strategy for Icahn Capital. Prior to that, from 2017 to 2020, he served as a consultant to Icahn Enterprises, where he provided exclusive investment advice to Carl C. Icahn, focusing on capital allocation across the firm's operating subsidiaries and investment portfolio. In addition to the board of Icahn Enterprises L.P., Mr. Icahn currently serves on the board of Bausch Health Companies Inc. (since March 2021), and on the board of Bausch + Lomb Corporation (since June 2022). In the last five years, Mr. Icahn has previously served on the boards of Dana Inc. and Newell Brands Inc. Prior to then, Mr. Icahn has previously served on the boards of American Railcar Industries, Inc., Cadus Corporation, Nuance Communications, Inc., Take-Two Interactive Software Inc., The Hain Celestial Group, Inc., and Voltari Corporation (previously known as Motricity Inc.). Known for his analytical rigor and long-term investment perspective, Brett Icahn has played a key role in numerous high-profile investment decisions and activist campaigns. His career reflects a deep commitment to shareholder value and responsible corporate governance. Declared Dividend • May 11
First quarter dividend of US$0.11 announced Dividend of US$0.11 is the same as last year. Ex-date: 19th May 2025 Payment date: 2nd June 2025 Dividend yield will be 4.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.9% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 60% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: US$0.35 (vs US$0.30 in 1Q 2024) First quarter 2025 results: EPS: US$0.35 (up from US$0.30 in 1Q 2024). Revenue: US$42.6m (up 41% from 1Q 2024). Net income: US$13.0m (up 17% from 1Q 2024). Profit margin: 31% (down from 37% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Duyuru • May 08
SandRidge Energy, Inc. Declares quarterly Cash Dividend, Payable on June 2, 2025 SandRidge Energy, Inc. announced On May 5, 2025, the Board quarterly declared a cash dividend of $0.11 per share of the Company's common stock, payable on June 2, 2025 to shareholders of record on May 19, 2025. Duyuru • May 06
SandRidge Energy, Inc. to Report Q1, 2025 Results on May 07, 2025 SandRidge Energy, Inc. announced that they will report Q1, 2025 results After-Market on May 07, 2025 Duyuru • Apr 29
SandRidge Energy, Inc., Annual General Meeting, Jun 11, 2025 SandRidge Energy, Inc., Annual General Meeting, Jun 11, 2025. Location: the renaissance oklahoma city, downtowm bricktown hotel warehouse room 2nd flr, 100 east sheridan avenue, oklahoma 73104, oklahoma city United States Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$9.63, the stock trades at a trailing P/E ratio of 5.7x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total loss to shareholders of 26% over the past three years. Recent Insider Transactions Derivative • Mar 16
Executive VP & CFO notifies of intention to sell stock Jonathan Frates intends to sell 18k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of March. If the sale is conducted around the recent share price of US$11.34, it would amount to US$203k. Since June 2024, Jonathan has owned 65.14k shares directly. Company insiders have collectively sold US$172k more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Mar 13
Price target decreased by 14% to US$19.00 Down from US$22.00, the current price target is provided by 1 analyst. New target price is 69% above last closing price of US$11.22. Stock is down 19% over the past year. The company posted earnings per share of US$1.70 last year. Declared Dividend • Mar 13
Fourth quarter dividend of US$0.11 announced Dividend of US$0.11 is the same as last year. Ex-date: 20th March 2025 Payment date: 31st March 2025 Dividend yield will be 3.9%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (26% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.9% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 63% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 11
Full year 2024 earnings released: EPS: US$1.70 (vs US$1.65 in FY 2023) Full year 2024 results: EPS: US$1.70 (up from US$1.65 in FY 2023). Revenue: US$125.3m (down 16% from FY 2023). Net income: US$63.0m (up 3.5% from FY 2023). Profit margin: 50% (up from 41% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Duyuru • Mar 10
SandRidge Energy, Inc. to Report Q4, 2024 Results on Mar 10, 2025 SandRidge Energy, Inc. announced that they will report Q4, 2024 results on Mar 10, 2025 Declared Dividend • Nov 10
Dividend of US$0.11 announced Shareholders will receive a dividend of US$0.11. Ex-date: 15th November 2024 Payment date: 29th November 2024 Dividend yield will be 16%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (34% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 61% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Nov 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (38% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (39% net profit margin). Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: US$0.69 (vs US$0.51 in 3Q 2023) Third quarter 2024 results: EPS: US$0.69 (up from US$0.51 in 3Q 2023). Revenue: US$30.1m (down 21% from 3Q 2023). Net income: US$25.5m (up 37% from 3Q 2023). Profit margin: 85% (up from 49% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Duyuru • Nov 07
Sandridge Energy, Inc. Declares Cash Dividend, Payable on November 29, 2024 On November 5, 2024, the Board of Directors of SandRidge Energy, Inc. declared a $0.11 per share cash dividend payable on November 29, 2024 to shareholders of record on November 15, 2024. Duyuru • Nov 04
SandRidge Energy, Inc. to Report Q3, 2024 Results on Nov 06, 2024 SandRidge Energy, Inc. announced that they will report Q3, 2024 results After-Market on Nov 06, 2024 Duyuru • Sep 04
SandRidge Energy, Inc. Updates Production Guidance for the Full Year 2024 SandRidge Energy, Inc. updated production guidance for the full year 2024. For the year, the company now expects Total Liquids production of 2.4 MMBbls to 3.0 MMBbls against previous forecast of 2.0 MMBbls to 2.6 MMBbls. Total production expected to be 5.4 MMBoe to 6.4 MMBoe against previous forecast of 4.7 MMBoe to 5.9 MMBoe. Recent Insider Transactions Derivative • Sep 01
President & CEO exercised options and sold US$129k worth of stock On the 27th of August, Grayson Pranin exercised options to acquire 10k shares at no cost and sold these for an average price of US$13.29 per share. This trade did not impact their existing holding. For the year to December 2021, Grayson's total compensation was 34% salary and 66% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2023, Grayson's direct individual holding has increased from 118.55k shares to 151.55k. Company insiders have collectively sold US$417k more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Aug 11
Dividend of US$0.11 announced Shareholders will receive a dividend of US$0.11. Ex-date: 16th August 2024 Payment date: 30th August 2024 Dividend yield will be 16%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (27% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to decline by 57% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.1% EPS decline seen over the last 5 years. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: US$0.24 (vs US$0.45 in 2Q 2023) Second quarter 2024 results: EPS: US$0.24 (down from US$0.45 in 2Q 2023). Revenue: US$26.0m (down 22% from 2Q 2023). Net income: US$8.79m (down 47% from 2Q 2023). Profit margin: 34% (down from 50% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 3.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 07
SandRidge Energy, Inc. to Report Q2, 2024 Results on Aug 07, 2024 SandRidge Energy, Inc. announced that they will report Q2, 2024 results After-Market on Aug 07, 2024 Duyuru • Jun 26
Federman & Sherwood Announces Preliminary Approval of Settlement in Sandridge Energy, Inc. Class Action Federman & Sherwood announced that the Court has entered an Order granting preliminary approval to a proposed settlement in the class action against Sandridge Energy, Inc., styled Granado v. Sandridge Energy, Inc., United States District Court for the Western District of Oklahoma, Case No. 22-cv-516. The deadline to submit a claim form is August 19, 2024. Declared Dividend • May 10
Dividend of US$0.11 announced Shareholders will receive a dividend of US$0.11. Ex-date: 16th May 2024 Payment date: 31st May 2024 Dividend yield will be 14%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but not covered by cash flows (116% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: US$0.30 (vs US$0.65 in 1Q 2023) First quarter 2024 results: EPS: US$0.30 (down from US$0.65 in 1Q 2023). Revenue: US$30.3m (down 30% from 1Q 2023). Net income: US$11.1m (down 53% from 1Q 2023). Profit margin: 37% (down from 55% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 40% per year. Duyuru • Apr 04
SandRidge Energy, Inc. Appoints Dean Parrish as Senior Vice President and Chief Operating Officer SandRidge Energy, Inc. announced that Dean Parrish has been appointed to serve as the Company's Senior Vice President and Chief Operating Officer effective April 1, 2024. Mr. Parrish, age 36, has worked at the Company since January 2012 starting as a Senior Production Engineer until June 2015. Mr. Parrish served as the Company's Operating Manager in February 2020 and became the Vice President of Operations in March 2021. On March 13, 2022, Mr. Parrish was promoted to Senior Vice President, Operations. Prior to joining the Company in January 2012, Mr. Parrish was employed at EXCO Resources, Inc. as a Production Engineer. Mr. Parrish earned his Bachelor of Science in Petroleum Engineering from the University of Oklahoma. New Risk • Mar 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 41% Last year net profit margin: 95% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (92% cash payout ratio). Profit margins are more than 30% lower than last year (41% net profit margin). Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: US$1.65 (vs US$6.59 in FY 2022) Full year 2023 results: EPS: US$1.65 (down from US$6.59 in FY 2022). Revenue: US$148.6m (down 42% from FY 2022). Net income: US$60.9m (down 75% from FY 2022). Profit margin: 41% (down from 95% in FY 2022). The decrease in margin was primarily driven by higher expenses. Oil reserves Proven reserves: 7.057 MMbbls Gas reserves Proven reserves: 194.433 Bcf LNG reserves Proven reserves: 16.215 MMbbls Combined production Oil equivalent production: 6.152 MMboe (6.463 MMboe in FY 2022) Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 05
SandRidge Energy, Inc. to Report Q4, 2023 Results on Mar 06, 2024 SandRidge Energy, Inc. announced that they will report Q4, 2023 results After-Market on Mar 06, 2024 Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to US$11.83, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 8x in the Oil and Gas industry in the US. Total returns to shareholders of 219% over the past three years. Upcoming Dividend • Jan 26
Upcoming dividend of US$1.50 per share at 2.7% yield Eligible shareholders must have bought the stock before 02 February 2024. Payment date: 20 February 2024. Payout ratio is a comfortable 2.2% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (4.4%). Duyuru • Jan 19
Sandridge Energy, Inc. Plans to Declare Quarterly Dividend SandRidge Energy, Inc. announced that it currently plans to increase its on-going quarterly dividend to $0.11 per share starting with the next quarterly payout, estimated to be first paid in March 2024, continuing every quarter thereafter until noticed. Duyuru • Jan 18
Sandridge Energy, Inc. Announces One-Time Dividend, Payable on February 20, 2024 SandRidge Energy, Inc. announced that its Board of Directors (the "Board") has (1) declared a one-time dividend of $1.50 per share (for a total payout of approximately $55 million), The one-time $1.50 per share dividend will be payable on February 20, 2024 to shareholders of record on February 5, 2024. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: US$0.51 (vs US$1.46 in 3Q 2022) Third quarter 2023 results: EPS: US$0.51 (down from US$1.46 in 3Q 2022). Revenue: US$38.1m (down 46% from 3Q 2022). Net income: US$18.7m (down 65% from 3Q 2022). Profit margin: 49% (down from 76% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 75% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 07
SandRidge Energy, Inc. Declares Cash Dividend, Payable on November 27, 2023 SandRidge Energy, Inc. the Board of Directors of the Company declared a $0.10 per share cash dividend payable on November 27, 2023 to shareholders of record on November 13, 2023. Recent Insider Transactions Derivative • Aug 28
President notifies of intention to sell stock Grayson Pranin intends to sell 9k shares in the next 90 days after lodging an Intent To Sell Form on the 28th of August. If the sale is conducted around the recent share price of US$15.43, it would amount to US$136k. For the year to December 2021, Grayson's total compensation was 45% salary and 55% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2023, Grayson's direct individual holding has increased from 83.37k shares to 94.05k. Company insiders have collectively sold US$938k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Aug 17
Executive VP exercised options and sold US$797k worth of stock On the 15th of August, Salah Gamoudi exercised options to acquire 49k shares at no cost and sold these for an average price of US$16.24 per share. This trade did not impact their existing holding. Since March 2023, Salah has owned 188.54k shares directly. Company insiders have collectively sold US$1.2m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Aug 05
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 2.5% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (59% accrual ratio). Minor Risk Short dividend paying track record (less than a year of continuous dividend payments). Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: US$0.45 (vs US$1.32 in 2Q 2022) Second quarter 2023 results: EPS: US$0.45 (down from US$1.32 in 2Q 2022). Revenue: US$33.4m (down 52% from 2Q 2022). Net income: US$16.6m (down 66% from 2Q 2022). Profit margin: 50% (down from 70% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 120% per year whereas the company’s share price has increased by 119% per year. Duyuru • Aug 03
SandRidge Energy, Inc. Declares Quarterly Dividend, Payable on August 28, 2023 On August 1, 2023, the Board of Directors of SandRidge Energy, Inc. declared a $0.10 per share cash dividend payable on August 28, 2023 to shareholders of record on August 14, 2023. Duyuru • Jul 13
SandRidge Energy, Inc. (NYSE:SD) acquired Further interest in twenty-six producing wells operated within the Northwest Stack for $11.3 million. SandRidge Energy, Inc. (NYSE:SD) acquired Further interest in twenty-six producing wells operated within the Northwest Stack for $11.3 million on April 1, 2023.SandRidge Energy, Inc. (NYSE:SD) completed the acquisition of Further interest in twenty-six producing wells operated within the Northwest Stack on April 1, 2023. Duyuru • May 16
SandRidge Energy, Inc. (NYSE:SD) announces an Equity Buyback for $75 million worth of its shares. SandRidge Energy, Inc. (NYSE:SD) announces a share repurchase program. Under the program, the company will repurchase up to $75 million worth of its common stock. The repurchases will be made with cash on hand at the Company. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$16.36, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 5x in the Oil and Gas industry in the US. Total returns to shareholders of 942% over the past three years. Reported Earnings • May 06
First quarter 2023 earnings released: EPS: US$0.65 (vs US$0.95 in 1Q 2022) First quarter 2023 results: EPS: US$0.65 (down from US$0.95 in 1Q 2022). Revenue: US$43.1m (down 25% from 1Q 2022). Net income: US$23.8m (down 32% from 1Q 2022). Profit margin: 55% (down from 60% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 96% per year, which means it is significantly lagging earnings growth. Duyuru • May 05
SandRidge Energy, Inc. to Report Q1, 2023 Results on May 05, 2023 SandRidge Energy, Inc. announced that they will report Q1, 2023 results at 10:00 AM, Central Standard Time on May 05, 2023 Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: US$6.59 (vs US$3.21 in FY 2021) Full year 2022 results: EPS: US$6.59 (up from US$3.21 in FY 2021). Revenue: US$254.3m (up 51% from FY 2021). Net income: US$242.2m (up 107% from FY 2021). Profit margin: 95% (up from 69% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has increased by 156% per year, which means it is tracking significantly ahead of earnings growth. Seeking Alpha • Feb 08
SandRidge Energy: Oil Production Growth Offers Upside With Hedged Natural Gas Downside Summary
SD is selling off with natural gas producer equities.
The company is growing oil production quickly.
SandRidge has much of its natural gas price exposure hedged.
Opportunity for outperformance as this is recognized.
SandRidge Energy: Oil Production Growth Offers Upside with Hedged Natural Gas Downside
With natural gas prices in free fall, investors are rightfully concerned that gas-weighted producer profits could suffer materially, particularly as the forward price falls too. Gas prices are volatile and notoriously hard to predict, and we take no directional view on their trajectory in the short to medium term. However, SandRidge Energy (SD) is likely to successfully navigate this turbulent market environment due to its opportunistic hedges and rapid oil production growth.
SandRidge significantly increased its capital budget in mid 2022 to invest in incremental oil production, and now its oil production has already inflected. As its oil production grows, SandRidge’s cash flow is becoming less sensitive to lower gas prices while offering more torque to higher oil and natural gas liquids pricing.
Additionally, SandRidge’s management opportunistically hedged a portion of its gas production, offering downside protection in a low-gas price environment as oil production grows and free cash flow is generated. Despite this oil production growth and a large, growing net cash position, SandRidge has continued to trade in-line with gas-weighted peers, offering a compelling opportunity here.
SandRidge Q4 2022 Forecast
It is helpful to review SandRidge’s Q3 2022 cash flow and likely Q4 cash flow based on prevailing commodity prices. Below an estimate of SandRidge’s Q4 cash flow based on commodity prices at the time, and management production and cost guidance:
Bison Interests
As can be seen above, SandRidge may see a modest decline in cash flow from operations ((CFO)) despite significantly lower oil & gas prices and higher cost guidance. Free cash flow ((FCF)) is projected to decline materially due to higher capital expenditures, discussed in detail below.
The decline in revenues due to lower market prices is likely to be partially offset by SandRidge’s natural gas hedges. These covered roughly half of SandRidge’s forecasted Q4 production at a favorable price above $8/MMBtu, while the prevailing market price is around $2.4/MMBtu at the time of writing. And with hedges rolling off in March 2023, these may continue to offer SD stock significant downside protection if gas prices remain low in Q1 2023.
SandRidge’s management has a successful hedging track record. SandRidge was previously unhedged while gas prices were on the rise, and subsequently hedged roughly half of the company’s natural gas production when prices were near their peak. This certainly helps on SandRidge’s path of net cash builds and oil production growth.
With its current hedges, SandRidge continues to offer significant torque to higher oil and gas prices. We sensitized our estimate of SandRidge’s Q4 FCF to a range of oil and gas prices, to illustrate what could happen to cash flow in subsequent quarters in future quarters:
Bison Interests
Oil Production Growth
SandRidge’s overall production including natural gas, natural gas liquids and oil, has in aggregate been flat over the last year, while its capital expenditures have increased materially:
Bison Interests
At the surface level, this could be concerning for some investors. However, a closer look reveals that even though overall production remains flat, SandRidge’s oil production has been inflecting:
Bison Interests
In early Q3 2022, SandRidge increased its capital expenditure guidance to $56-70MM from $41-50MM, as it announced it was drilling 3 additional oil wells, re-activating and optimizing other wells that were previously shut in and completing artificial lift conversions. These wells were drilled and brought on production successfully, benefiting SandRidge with a 24% increase in oil production in Q3, as can be seen above. And SandRidge’s oil production is expected to increase another ∼24% in Q4, as per management’s full year production guidance. Seeking Alpha • Jan 04
SandRidge Energy: Could Reach $9 To $10 Per Share In Cash By End Of 2023 Summary
Natural gas prices have decreased sharply, reducing SandRidge's projected free cash flow as its production is over 50% natural gas.
It also has a limited amount of hedges, with around 20% of its Q1 2023 natural gas production hedged and nothing reported beyond that.
Despite those headwinds, SandRidge still looks capable of ending 2023 with around $9 to $10 per share in cash.
Adding the value of its reserves would make it worth an estimated $20 per share in a long-term (after 2023) $70 WTI oil and $4.00 NYMEX gas environment.
SandRidge Energy's (SD) near-term cash flow expectations have been reduced due to the decline in natural gas strip prices. The NYMEX strip for 2023 is now down to under $4, and it may realize under $3 for its natural gas (including hedges) at that price, which is less than half of what it realized in Q3 2022.
Oil prices have held up better recently, so SandRidge should still be able to end up with around $9 to $10 per share in cash by the end of 2023 based on current strip prices. Combined with the value of its reserves, SandRidge's estimated value ends up at around $20 at long-term $70 WTI oil and $4 NYMEX gas.
SandRidge's 2022 development plans included 12 NW Stack wells that boosted its oil production, but it may decide to go with a smaller amount of wells or completely halt new development in 2023 as the returns are less certain at the current 2023 strip.
Natural Gas Prices
SandRidge's oil percentage has been increasing a bit with its new NW Stack wells, but its production is still heavily natural gas weighted (16% oil, 30% NGLs and 54% natural gas) in Q3 2022. The new NW Stack wells are also producing a decent amount of gas currently, and are expected to become gassier over time. For example, SandRidge mentioned that its first two 1-mile lateral wells were producing a pad total of close to 600 barrels of oil per day and over 1,000 Mcf per day after more than 90 days of production.
Thus changes in natural gas prices have a large effect on SandRidge's financials. Despite its increasing oil percentage, a $1 change in natural gas prices appears to now have around the same effect on SandRidge's cash flow as a roughly $18 change in oil prices (before the effect of hedges and not including any change in the price of NGLs).
SandRidge realized $5.99 per Mcf (excluding hedges) for its natural gas in Q3 2022, but it may realize an average closer to $2.65 per Mcf in 2023 before hedges based on current strip prices ($3.90 NYMEX) and its typical differentials. SandRidge does have hedges covering some of its Q1 2023 natural gas production that may boost its realized price (at current strip) to around $2.90 for the full year.
NW Stack Economics
SandRidge estimated that its NW Stack wells could generate an IRR of a bit over 40% at $75 oil and $4.50 gas. That combination of commodity prices is close to the equivalent of the current $77 oil and $3.90 gas strip for 2023.
SandRidge has been focusing on cost control efforts, but if there is meaningful projected inflation with its 2023 NW Stack wells, it may reduce (or stop) its development program.
2022 NW Stack Economics (sandridgeenergy.com)
The environment involving a combination of lower commodity prices plus cost inflation pressure may make SandRidge's NW Stack returns relatively marginal again.
Cash Balance
SandRidge should still be able to add to its cash balance despite the deterioration in natural gas prices. I now estimate that SandRidge will end up with around $265 million in cash and cash equivalents at the end of 2022.
It is uncertain what SandRidge's 2023 development plans are yet, but at 2022 production levels and 2023 strip prices it would generate approximately $125 million EBITDA, including the effect of its Q1 2023 natural gas hedges. This doesn't include the potential interest income that it can generate from its cash on hand, given that interest rates are no longer negligible now.
SandRidge should be able to end 2023 with around $9 to $10 per share in cash on hand based on current strip prices.
Estimated Valuation
My outlook for long-term (after 2023) commodity prices remains unchanged. At $70 WTI oil and $4.00 NYMEX gas (after 2023), I now estimate that SandRidge is worth around $20 per share.
As noted above, SandRidge should be able to end 2023 with around $9 to $10 per share in cash. It also reported proved developed reserves with a PV-10 of $433 million at the end of 2021 based on lower prices ($66.56 oil and $3.60 gas). SandRidge's development program in 2022 should be able to keep its reserve value (at those prices) at least stable, although it may invest less in 2023 development.