Stone Energy (SGY) Upgraded to “Buy” by Zacks Investment Research

Stone Energy (NYSE:SGY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The firm presently has a $42.00 price objective on the oil and natural gas company’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.83% 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.”

A number of other research firms also recently weighed in on SGY. ValuEngine raised shares of Stone Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, January 16th. BMO Capital Markets reissued a “buy” rating and set a $2.75 target price on shares of Stone Energy in a research report on Wednesday, November 15th. Canaccord Genuity reissued a “buy” rating and set a $3.25 target price on shares of Stone Energy in a research report on Thursday, December 14th. Scotiabank reissued a “hold” rating and set a $2.50 target price on shares of Stone Energy in a research report on Tuesday, October 10th. Finally, National Securities downgraded shares of Stone Energy from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 28th. 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 has a consensus rating of “Hold” and a consensus target price of $12.10.

Stone Energy (NYSE:SGY) opened at $38.24 on Friday. Stone Energy has a one year low of $16.50 and a one year high of $39.80. 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 (NYSE:SGY) last posted its quarterly earnings results on Wednesday, November 1st. The oil and natural gas company reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.37. Stone Energy had a net margin of 68.43% and a return on equity of 590.23%. The business had revenue of $79.53 million for the quarter. During the same period last year, the company posted ($0.02) earnings per share. research analysts forecast that Stone Energy will post -0.99 EPS for the current year.

Institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System acquired a new position in Stone Energy during the second quarter worth $636,000. Teachers Advisors LLC acquired a new position in Stone Energy during the second quarter worth $638,000. TIAA CREF Investment Management LLC acquired a new position in Stone Energy during the second quarter worth $1,572,000. Schwab Charles Investment Management Inc. acquired a new position in Stone Energy during the second quarter worth $1,740,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Stone Energy during the second quarter worth $821,000. 97.09% of the stock is currently owned by hedge funds and other institutional investors.

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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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