SandRidge Q2 Net Income Jumps 36% to $26.7M, Declares $0.13 Dividend
SD sits 31% above its 52-week low of $9.95.
Summary
SandRidge Energy reported Q2 net income of $26.7M ($0.72/share), up 36% year-over-year, with adjusted EPS of $0.57. Revenue rose 48% to $51.1M, driven by an 11% production increase and higher oil prices. Adjusted EBITDA reached $34M. The board declared a $0.13/share dividend, payable August 31. The company confirmed its Cherokee Play acquisition is on track to close in Q3, adding 7,000 net acres and 21 wells.
At the time of this announcement, SD was trading at $13.01 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $487.3M. The 52-week trading range was $9.95 to $18.45. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: PR Newswire.