Stone Energy (NYSE:SGY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
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. Stone Energy’s merger with Talos Energy is likely to create a leading exploration and production firm with extensive operations in offshore resources. However, over the past year Stone Energy plunged 17.2%, underperforming the industry’s 10.7% decline. Moreover, we are concerned about Stone Energy’s declining proved crude and natural gas reserves.”
A number of other brokerages also recently weighed in on SGY. ValuEngine upgraded Stone Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, January 16th. BMO Capital Markets restated a “buy” rating and issued a $2.75 target price on shares of Stone Energy in a research note on Wednesday, November 15th. National Securities downgraded Stone Energy from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 28th. Scotiabank restated a “hold” rating and issued a $2.50 target price on shares of Stone Energy in a research note on Tuesday, October 10th. Finally, Canaccord Genuity restated a “buy” rating and issued a $3.25 target price on shares of Stone Energy in a research note on Thursday, December 14th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $12.10.
Stone Energy (NYSE:SGY) last released its quarterly earnings results on Wednesday, November 1st. The oil and natural gas company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.37. Stone Energy had a return on equity of 590.23% and a net margin of 68.43%. The business had revenue of $79.53 million during the quarter. During the same quarter last year, the firm posted ($0.02) EPS. analysts forecast that Stone Energy will post -0.99 EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in SGY. ICON Advisers purchased a new position in shares of Stone Energy in the 3rd quarter worth approximately $2,911,000. Mackay Shields raised its holdings in shares of Stone Energy by 19.2% in the 4th quarter. Mackay Shields now owns 61,227,000 shares of the oil and natural gas company’s stock worth $45,529,000 after purchasing an additional 9,865,000 shares during the period. California Public Employees Retirement System raised its holdings in shares of Stone Energy by 7.3% in the 4th quarter. California Public Employees Retirement System now owns 1,153,287 shares of the oil and natural gas company’s stock worth $4,948,000 after purchasing an additional 78,100 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Stone Energy by 7.2% in the 4th quarter. Principal Financial Group Inc. now owns 386,012 shares of the oil and natural gas company’s stock worth $1,656,000 after purchasing an additional 25,777 shares during the period. Finally, Royce & Associates LLC bought a new stake in shares of Stone Energy in the 4th quarter worth approximately $2,301,000. Hedge funds and other institutional investors own 97.09% of the company’s stock.
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About Stone Energy
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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