Raymond James Upgrades SandRidge Permian Trust to “Outperform” (PER)
SandRidge Permian Trust (NYSE:PER) was upgraded by equities researchers at Raymond James from a “market perform” rating to an “outperform” rating in a research report issued on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $12.00 price target on the stock. Raymond James’ price objective suggests a potential upside of 14.07% from the company’s current price.
SandRidge Permian Trust (NYSE:PER) opened at 10.52 on Tuesday. SandRidge Permian Trust has a 1-year low of $10.51 and a 1-year high of $15.66. The stock’s 50-day moving average is $12.32 and its 200-day moving average is $12.39. The company has a market cap of $552.3 million and a price-to-earnings ratio of 4.42.
SandRidge Permian Trust (NYSE:PER) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.78 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.68 by $0.10. Analysts expect that SandRidge Permian Trust will post $2.67 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 29th. Investors of record on Thursday, August 14th will be given a dividend of $0.632 per share. This represents a $2.53 dividend on an annualized basis and a yield of 24.03%. The ex-dividend date is Tuesday, August 12th. This is a positive change from SandRidge Permian Trust’s previous quarterly dividend of $0.61.
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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