SandRidge Energy Inc. (SD) News: CEO Termination, Semi-Annual Dividend, Proxy Put Lesson & More

Editor’s Note: Related tickers: SandRidge Energy Inc. (NYSE:SD), Chesapeake Energy Corporation (NYSE:CHK), Morgans Hotel Group Co. (NASDAQ:MHGC)

SandRidge Energy Inc. (NYSE:SD)A New Era Dawns for SandRidge Energy (DailyFinance)
It’s been bad year to be a highly paid CEO of an underperforming energy company. This past January we found out that Chesapeake Energy Corporation (NYSE:CHK) co-founder Aubrey McClendon was “retiring” after philosophical differences with his board. Now, SandRidge Energy Inc. (NYSE:SD) CEO Tom Ward, also a co-founder of Chesapeake Energy Corporation (NYSE:CHK), is being sent packing. Unfortunately, for Ward, there won’t be any cake served at a retirement party, for he’s being let go effective immediately. It could have been worse: The company, which had hired an independent investigation firm to look into allegations of improper related-party transactions, determined that Ward’s actions didn’t merit him being terminated with cause. Despite that finding, this isn’t the most graceful exit for the company’s founder.

SandRidge Energy Sets Semi-Annual Preferred Dividend (Fool)
Oil and natural gas producer SandRidge Energy Inc. (NYSE:SD) announced yesterday its semi-annual dividend for its 6% convertible perpetual preferred stock, at $3 per share. The board of directors said the quarterly dividend is payable on July 15 to the holders of record at the close of business on July 1. SandRidge Energy Inc. (NYSE:SD) has 2 million shares of 6% preferred stock outstanding. The preferred shares were issued in December 2009, and five years after their issuance, or Dec. 21, 2014, all outstanding shares of the convertible preferred stock will be converted automatically into common stock at then-prevailing conversion prices. SandRidge Energy Inc. (NYSE:SD) does not pay a regular dividend on its common stock.

Morgans Hotel Board Learns SandRidge ‘Proxy Put’ Lesson (Law360)
Morgans Hotel Group Co. (NASDAQ:MHGC) said Tuesday its board’s ouster last week won’t force the company to buy back its debt because it had already approved the dissident directors for the purposes of its covenants, heeding a recent lesson from Delaware court. …Earlier this year, SandRidge Energy Inc. (NYSE:SD) did just that. It urged shareholders to reject a slate put forward by hedge fund TPG-Axon Capital Management LLC or else force the company to buy back $4.3 billion in outstanding debt, potentially forcing it to borrow more money and endangering its credit rating. But in a March 8 ruling, Chancellor Leo E. Strine Jr. said the SandRidge Energy Inc. (NYSE:SD)board couldn’t refuse to approve otherwise qualified candidates simply to entrench itself. Finding the board had no basis for withholding its approval, the chancellor enjoined it from soliciting any more anti-TPG votes until it greenlighted the nominees.

SandRidge Energy Given New $8.00 Price Target at SunTrust (SD) (DailyPolitical)
Research analysts at SunTrust reduced their target price on shares of SandRidge Energy Inc. (NYSE:SD) from $9.50 to $8.00 in a report released on Tuesday, Stock Ratings Network reports. SunTrust’s price target indicates a potential upside of 65.98% from the stock’s previous close. Other equities research analysts have also recently issued reports about the stock. Analysts at Susquehanna cut their price target on shares of SandRidge Energy Inc. (NYSE:SD) from $10.00 to $9.00 in a research note to investors on Wednesday, May 22nd. They now have a “positive” rating on the stock.

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

6 Ways to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

The 10 Most Controversial Songs Of All Time to Hit (and get Banned from) the Airwaves

The 20 Biggest IPOs in US History

The 10 Best Places to Visit in Mexico that Are Beautiful and Safe

7 Bad Habits that Age You Beyond Your Years

The 40 Best Fortune Cookie Sayings That Will Leave You Bemused, Befuddled, or Beguiled

10 Foods to Eat Before a Workout to Make Every Drop of Sweat Count

The 5 Best Documentaries On Netflix You Must See

The Most Heartwarming and Inspirational Story Of This Halloween Season, It Will Make You Cry and Jump For Joy

10 Best Party Songs of All Time to Bring the House Down With

5 New World Order Conspiracy Theories that Will Strangle the World

The 10 Highest Rated Movies of 2014

The 10 Largest Container Shipping Companies in the World

The 10 Largest Armies in the World: Who Should We Be Afraid Of?

Best Warren Buffett Quotes on Money You Need to Hear

The 10 Highest Suicide Rates by Profession

The 20 Most Underrated Movies of All Time

The 10 Fastest Growing Companies in America

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!