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

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Best 7 Online Courses to Take: Free Finance MOOCs

Top 6 Bad Habits that Promote Failure

20 Most Valuable Soccer Teams in the World in 2013

12 Most Expensive Countries for Foreign Students

Top 30 Most Influential Women in the World

Top 20 Most Expensive New Year Eve Shows

Top 5 Best Vocational Careers

Top 10 Jobs for 2014 by Salary Gain (Predictions)

Top 5 Digital Trends for 2014

Top 6 Things You Can Do To Increase Your Productivity

Top 9 Trending Smartphones in 2013

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!