Stone Energy (NYSE:SGY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage currently has a $42.00 price objective on the oil and natural gas company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.70% from the stock’s previous close.
According to Zacks, “Stone Energy has a multi-year inventory of drilling prospects, and is working on a strategy to fund its growth areas in Appalachia, the Rockies and the Deep Gas in the conventional shelf. It is actively engaged in horizontal well drilling in the Marcellus Shale and involved in various vertical tests in the Bakken Shale play. The company’s excellent financial health is also noteworthy. Moreover, Stone Energy outperformed the industry over the last six months. Stone Energy’s merger with Talos Energy is likely to create a leading exploration and production firm with extensive operations in offshore resources. Stone Energy has estimated 2017 production from the merged entity of 47 thousand barrels of oil equivalent per day (Mboe/D), which is much higher than average net daily production of about 19.2 Mboe/D attained during the third quarter of 2017. Consequently, we think Stone Energy offers substantial upside potential from current levels.”
Several other equities analysts have also issued reports on SGY. Scotiabank reaffirmed a “hold” rating and issued a $2.50 price target on shares of Stone Energy in a research report on Tuesday, October 10th. ValuEngine raised Stone Energy from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 31st. BMO Capital Markets reaffirmed a “buy” rating and issued a $2.75 price target on shares of Stone Energy in a research report on Wednesday, November 15th. National Securities lowered Stone Energy from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 28th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $3.25 price target on shares of Stone Energy in a research report on Thursday, December 14th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $12.10.
Stone Energy (NYSE:SGY) last posted its quarterly earnings results on Wednesday, November 1st. The oil and natural gas company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.37. The firm had revenue of $79.53 million during the quarter. Stone Energy had a return on equity of 590.23% and a net margin of 68.43%. During the same period in the prior year, the firm earned ($0.02) EPS. sell-side analysts anticipate that Stone Energy will post -0.99 EPS for the current year.
Large investors have recently modified their holdings of the business. California State Teachers Retirement System purchased a new position in Stone Energy in the 2nd quarter worth about $636,000. Teachers Advisors LLC purchased a new position in Stone Energy in the 2nd quarter worth about $638,000. TIAA CREF Investment Management LLC purchased a new position in Stone Energy in the 2nd quarter worth about $1,572,000. Schwab Charles Investment Management Inc. purchased a new position in Stone Energy in the 2nd quarter worth about $1,740,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Stone Energy in the 2nd quarter worth about $821,000. 97.09% of the stock is owned by institutional investors and hedge funds.
Stone Energy Company Profile
Stone Energy Corporation is an independent oil and natural gas company. The Company is engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties. The Company operates in the Gulf of Mexico (GOM) basin. It has leveraged its operations in the GOM conventional shelf and has its reserve base in the prolific basins of the GOM deep water, Gulf Coast deep gas, and the Marcellus and Utica shales in Appalachia.
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