SandRidge Energy (NYSE: SD) Tumbled Down After Doozy Q3 Report

Shares of oil and gas firm  SandRidge Energy (NYSE:SD) tumbled as much as 13.57% in trading today after it announced a surprise quarterly loss and the departure of its CFO. Shares of the company are presently trading at $5.07, down $0.80. The stock has hit the intraday high of $5.21. The company currently has the market capital of $2.03 billion. The stock is trading below the 50 day & 200 day moving average of $5.38 & $5.82. The Company had a poor financial and operational quarter, reporting third fiscal quarter adjusted loss of 6 cents a share vs. street consensus level of profit of 2 cents a share. Adjusted EBITDA totaled $149.5 million vs. street consensus of $175 million. This is due to lower overall production, higher lease operating expenses, G&A and DD&A. Including items, the company reported profit of $297.7 million, or 73 cents a share, compared with net loss of $104.1 million, or 58 cents a share, in the year-ago quarter. On Thursday, The Company announced that its CFO of almost four years, Dirk M. Van Doren, intends to resign at the end of the year. It also announced a new $250 million convertible preferred stock issuance is coming. Capital spending is raised from $875 million to $1.1 billion for 2010 to fund aggressive near term drilling and a new-play land grab. Oil guidance now calls for 50% growth in 2011. SandRidge Energy, Inc is a natural gas and oil company. The Company is engaged in the exploration, development and production activities related to the exploitation of its holdings in West Texas.
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