The Forensic Accountant • 73 Comments
Tue, May 17, 12:47 PM
Fri, Apr. 29, 1:01 PM
- SandRidge Mississippian Trust I (SDT -24.7%), SandRidge Mississippian Trust II (SDR -12.3%), and SandRidge Permian Trust (PER -6.2%) are all off sharply after each cut their distributions by about 50% last night.
- The May dividend comes from production in the early part of the year when oil was closer to $30 per barrel. The payouts would be due for an upgrade if oil around $45 holds.
Thu, Apr. 28, 6:09 PM
Fri, Jan. 29, 9:16 AM
- SandRidge Mississippian Trust II (NYSE:SDR) declares $0.183/unit quarterly distribution, an 18% decrease from the prior distribution of $0.223.
- Forward yield 31%.
- Payable Feb. 26 for unitholders of record Feb. 12.
Dec. 30, 2015, 12:46 PM
- Hit hard two days ago as oil fell below $37/barrel, oil/gas industry names are seeing more pain today after the EIA reported U.S. crude inventories rose by 2.6M barrels last week - expectations were for a decline. The report comes shortly after the API estimated U.S. crude inventories rose by 2.9M barrels during the most recent weekly period.
- After rising yesterday, WTI crude is down 3.1% to $36.71/barrel. Brent crude is down 2.9% to $36.69/barrel. Nymex natural gas is down 7.3% to $2.20/MMBtu.
- The biggest decliners include Chesapeake Energy (CHK -4.1%), Petrobras (PBR -4.1%), Linn Energy (LINE -7.5%), Gulfport Energy (GPOR -5.2%), SeaDrill (SDRL -5.5%), MV Oil Trust (MVO -4.5%), EV Energy Partners (EVEP -6.7%), and Southwestern Energy (SWN -5.7%).
- Other notable decliners include Hercules Offshore (HERO -5.2%), Marathon Oil (MRO -4%), Devon Energy (DVN -4.4%), Encana (ECA -4.1%), Range Resources (RRC -4.7%), Sandridge Mississippian Trust (SDR -4%), Newfield Exploration (NFX -3.8%), BP Prudhoe Bay Royalty Trust (BPT -3.1%), Enerplus (ERF -3.9%), and ONEOK Partners (OKS -2.5%).
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
Feb. 11, 2015, 9:13 AM
Dec. 26, 2014, 4:23 PM
- Though most large-cap energy stocks closed the day with modest gains or losses, a slew of small-cap and mid-cap U.S. oil and gas plays sold off on a day that saw WTI crude once more fall below $55/barrel, and Henry Hub natural gas drop below $3/mmBtu for the first time since 2012, before bouncing a little.
- Decliners: EXXI -4.4%. SGY -4.5%. HK -4.1%. EVEP -2.3%. NFX -3.2%. SDR -3.3%. SN -5.2%. SD -5.9%. LGCY -2.2%. CHKR -3.3%.
Nov. 12, 2013, 3:59 PM| Nov. 12, 2013, 3:59 PM | 12 Comments
Oct. 28, 2013, 10:12 AM
- SandRidge Mississippian Trust II (SDR -3.2%) is downgraded to Underperform with an $11 price target, down from $16, at RBC on concerns about an 18% Q/Q dive in production despite 20 gross new wells drilled in Q3, which the firm says is far below even the most pessimistic views.
- The firm also lowers SandRidge Permian Trust (PER -3%) to Underperform, with the price target cut to $14 from $17, believing the time has come to look beyond the attractive yield at the risks associated with the lack of communication, operational transparency and production trend visibility.
Oct. 25, 2013, 12:45 PM
Oct. 25, 2013, 9:22 AM
Oct. 25, 2013, 8:31 AM
- SandRidge Mississippian trusts I and II (SDT; SDR) sink premarket after reporting last night that during the three-month production period ended Aug. 31, total sales volumes finished below initial Trust estimates: I, II.
- SDT/SDR says the shortfall was due to lower oil volumes, partially offset by higher natural gas production; the production drop from the previous period mainly was driven by the completion of the drilling obligation which occurred in the previous period.
- SDT -3.9%, SDR -5.9% premarket.
Apr. 26, 2013, 5:29 PMHeadlines focused on SandRidge (SD) management have missed a more fundamental issue which may lead to further share weakness, Josh Young writes: Well performance is much worse than expected. Permian Trust (PER) results were so bad that cash was pulled from subordinated unit distributions to fund minimum common unit distributions, which means SD's interest in the asset is generating less cash flow than expected. | Apr. 26, 2013, 5:29 PM | 4 Comments
Mar. 5, 2013, 12:17 PM
SandRidge Mississippian Trust I (SDT -9.5%) is cut to Sell from Hold with a reduced $13 target price at Wunderlich, citing a weakening distribution outlook due to higher costs, lower production and a higher mix of natural gas being produced. Investors may be attracted to SDT's yield, but the firm says investors should focus on the trust's risk profile. SDR -4.9%, PER -2.5%.| Mar. 5, 2013, 12:17 PM | 33 Comments
Mar. 1, 2013, 9:55 AM
Feb. 6, 2013, 12:33 PM
Energy trusts suffer another shellacking after RBC Capital issues downgrades and target price reductions for SandRidge Permian Trust (PER -6.6%), due to reduced production visibility and increased risk profiles following below-expected Q4 distributions, and SandRidge Mississippian Trust I (SDT -5.5%) and II (SDR -1.6%), as increasing risk meets additional production concerns.| Feb. 6, 2013, 12:33 PM | 10 Comments