Stone Energy Corp. Stock Rating Upgraded by Zacks (SGY)
Stone Energy Corp. (NYSE:SGY) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a note issued to investors on Thursday, American Banking & Market News reports. The firm currently has a $40.00 price target on the stock. Zacks‘ target price points to a potential upside of 20.70% from the stock’s previous close.
Zacks‘ analyst wrote, “We are upgrading our recommendation on Stone Energy shares to Outperform from Neutral. The company has a multi-year inventory of drilling prospects. The company is working on a strategy to fund its growth areas in Appalachia, the Rockies and the Deep Gas/Deepwater in the conventional shelf and has increased its capital expenditure for the year. It is actively engaged in horizontal well drilling in the Marcellus Shale and involved in various vertical tests in the Bakken Shale play. These are likely to add to revenues in the coming quarters. Moreover, Stone Energy’s earnings and revenues increased during the second quarter mainly due to higher natural gas realizations and increased production. “
Stone Energy Corp. (NYSE:SGY) traded down 0.42% during mid-day trading on Thursday, hitting $33.00. 296,223 shares of the company’s stock traded hands. Stone Energy Corp. has a one year low of $17.34 and a one year high of $33.60. The stock has a 50-day moving average of $29.87 and a 200-day moving average of $24.38. The company has a market cap of $1.607 billion and a P/E ratio of 11.13.
Stone Energy Corp. (NYSE:SGY) last released its earnings data on Monday, August 5th. The company reported $0.78 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.68 by $0.10. The company had revenue of $245.90 million for the quarter, compared to the consensus estimate of $222.89 million. During the same quarter last year, the company posted $0.62 earnings per share. Stone Energy Corp.’s revenue was up 8.5% compared to the same quarter last year. On average, analysts predict that Stone Energy Corp. will post $2.99 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Sidoti initiated coverage on shares of Stone Energy Corp. (NYSE:SGY) in a research note to investors on Friday, September 13th. They set a “buy” rating on the stock. Separately, analysts at Global Hunter Securities raised their price target on shares of Stone Energy Corp. (NYSE:SGY) from $32.00 to $33.00 in a research note to investors on Tuesday, September 10th. They now have an “accumulate” rating on the stock. Finally, analysts at Ladenburg Thalmann raised their price target on shares of Stone Energy Corp. (NYSE:SGY) from $32.00 to $36.00 in a research note to investors on Tuesday, September 10th. They now have a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $27.25.
Stone Energy Corporation (NYSE:SGY) is an independent oil and natural gas company engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties.
To view Zacks’ full report, visit www.zacks.com
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