Insider Selling: SandRidge Permian Trust Major Shareholder Unloads 1,825,000 Shares of Stock (PER)
SandRidge Permian Trust (NYSE:PER) major shareholder Sandridge Energy Inc sold 1,825,000 shares of SandRidge Permian Trust stock on the open market in a transaction dated Thursday, January 9th. The stock was sold at an average price of $12.12, for a total transaction of $22,119,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Shares of SandRidge Permian Trust (NYSE:PER) traded up 2.65% during mid-day trading on Thursday, hitting $12.78. 1,429,883 shares of the company’s stock traded hands. SandRidge Permian Trust has a 1-year low of $11.57 and a 1-year high of $19.48. The stock has a 50-day moving average of $12.2 and a 200-day moving average of $14.15. The company has a market cap of $671.0 million and a price-to-earnings ratio of 5.49.
Several analysts have recently commented on the stock. Analysts at Raymond James upgraded shares of SandRidge Permian Trust from a “market perform” rating to an “outperform” rating in a research note to investors on Thursday. Analysts at RBC Capital downgraded shares of SandRidge Permian Trust from a “sector perform” rating to an “underperform” rating in a research note to investors on Monday, October 28th. They now have a $14.00 price target on the stock, down previously from $17.00.
SandRidge Permian Trust (NYSE:PER) is a trust formed by SandRidge Energy, Inc (SandRidge) to own royalty interests in 509 developed oil and natural gas wells located in Andrews County, Texas (the Producing Wells), and 888 oil and natural gas development wells to be drilled (the Development Wells) within an Area of Mutual Interest (AMI).
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