SandRidge Energy (SD) Billion Dollar Acquisition Drops Stock Price

Recently Upgraded Good Stock To Buy Now SandRidge Energy Inc. (NYSE: SD) announced its agreement to go offshore with a whopping $1.275 billion purchase of Dynamic Offshore Resources, LLC. The agreement details that approximately $680 million in cash and approximately 74 million shares of SD common stock valued at $8.02 per share will comprise the $1.275 billion.

SD closing price today was $7.83, up 0.64% (+0.05).
SD traded volume of 12,265,342.

SD is trading:

  • $-0.34 below its 20 day moving average,
  • $-0.14 below its 10 day moving average and
  • $-0.14 below its 5 day moving average.

SD is up 38.10% since our October 5, 2011 alert.
SD has a Market Cap of $3.13B with an $11.00 1y Target Price.

SD shares dropped 10.7% to $6.99 after the market close, when the deal was announced.

Oklahoma City-based SandRidge has traditionally focused drilling onshore basins. But higher production costs amid blistering demand for U.S. onshore fields, paired with declining interest in the Gulf of Mexico following the Deepwater Horizon disaster, have made offshore properties like Dynamic’s a bargain.

At the end of last year, Dynamic’s proven reserves are valued at about $1.90B.

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