SandRidge Energy Hits 52-Week High: Here's Why It's a Big Deal
Shares of SandRidge Energy (NYSE: SD) were on fire today, popping 12.7% by 1:15 p.m. EDT to hit a new 52-week high price of $8.25 a share. The independent oil and gas producer stunned the market with strong second-quarter numbers and an updated 2021 guidance. Importantly, it restarted an unexpectedly large number of wells that were shut after last year's oil price crash, fueling hopes of better days ahead for the company.
SandRidge Energy brought 49 shut-in wells online during Q2. That helped it sequentially boost production to 19,000 barrels of oil equivalent (BOE) per day from 17,500 BOE in the first quarter. Although its production was still considerably lower year over year as demand for oil is yet to hit pre-pandemic levels, the restart of so many wells confirms a recovery in demand.
SandRidge Energy's Q2 revenue, though, more than doubled year over year to $34.2 million thanks to substantially higher average realized prices for oil, natural gas, and natural gas liquids.
Source Fool.com
