Zacks Investment Research downgraded shares of Stone Energy (NYSE:SGY) from a buy rating to a hold rating in a report published on Friday, January 5th.
According to Zacks, “Over the past year Stone Energy plunged 19.1%, underperforming the industry’s 13.6% decline. We are concerned about Stone Energy’s declining proved crude and natural gas reserves. This because lower expected production amid favorable oil and gas pricing scenario could hurt the company’s free cashflow. Also, growing exploration exposure to the mature, low reserve life and capital intensive GoM shelf is expected to aggravate Stone Energy’s risk profile. However, we appreciate the company’s intention to merge with Talos Energy LLC. The companies will create a leading exploration and production firm with extensive operations in offshore resources. Also, Stone Energy has no current debt and long-term debt decreased drastically since 2016. On top of that, over the aforesaid time period, the company’s cash balances surged, reflecting strong financial strength.”
Several other research firms have also weighed in on SGY. BMO Capital Markets restated a buy rating and set a $2.75 price target on shares of Stone Energy in a research report on Wednesday, November 15th. Canaccord Genuity restated a buy rating and set a $3.25 price target on shares of Stone Energy in a research report on Thursday, December 14th. Scotiabank reiterated a hold rating and set a $2.50 price objective on shares of Stone Energy in a research note on Tuesday, October 10th. National Securities cut Stone Energy from a buy rating to a neutral rating in a research note on Tuesday, November 28th. Finally, ValuEngine upgraded Stone Energy from a strong sell rating to a sell rating in a research note on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $9.50.
Stone Energy (NYSE SGY) traded up $0.19 during midday trading on Friday, hitting $36.33. The company had a trading volume of 304,405 shares, compared to its average volume of 185,287. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.20 and a current ratio of 2.20. Stone Energy has a one year low of $16.50 and a one year high of $36.69.
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 for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.37. Stone Energy had a return on equity of 590.23% and a net margin of 68.43%. The company had revenue of $79.53 million for the quarter. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. research analysts predict that Stone Energy will post -1.17 EPS for the current fiscal year.
A number of large investors have recently made changes to their positions in the business. Royce & Associates LP raised its stake in Stone Energy by 85.4% during the third quarter. Royce & Associates LP now owns 397,679 shares of the oil and natural gas company’s stock valued at $11,557,000 after buying an additional 183,179 shares during the last quarter. State Street Corp raised its stake in shares of Stone Energy by 2,548.1% in the second quarter. State Street Corp now owns 308,242 shares of the oil and natural gas company’s stock worth $5,669,000 after purchasing an additional 296,602 shares during the last quarter. Northern Trust Corp purchased a new position in shares of Stone Energy in the second quarter worth $3,650,000. Schwab Charles Investment Management Inc. raised its stake in shares of Stone Energy by 25.1% in the third quarter. Schwab Charles Investment Management Inc. now owns 118,457 shares of the oil and natural gas company’s stock worth $3,443,000 after purchasing an additional 23,793 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in shares of Stone Energy in the third quarter worth $2,486,000. Institutional investors and hedge funds own 97.09% of the company’s stock.
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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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