Growth Stock Portfolio: 12 Stock Picks by Carl C. Icahn

11. SandRidge Energy, Inc. (NYSE:SD)

Icahn Capital LP’s Stake: $71 Million

SandRidge Energy, Inc. (NYSE:SD) is a long-term holding of Icahn Capital. The fund first disclosed a stake in the company in the fourth quarter of 2017. Back then, this position comprised 4.8 million shares. No activity was registered against this holding till the late parts of 2025. In the third quarter of 2025, the fund added to this holding by over 1%, growing the stake to 4.87 million shares. Filings for the fourth quarter of 2025 show that the fund has added to this holding again, this time just under 1%, to grow it to 4.91 million shares.

The investment thesis on SandRidge Energy, Inc. (NYSE:SD) centers on a triple-threat of high oil growth, noticeable capital returns, and a debt-free balance sheet. In Q1 2026, the company reported a 31% year-over-year increase in oil production. This is a direct result of their ongoing Cherokee development program in the Mid-Continent. Management recently reported achieving their lowest well-completion costs to date in April, which is driving significant expansion in EBITDA margins, reported at $33.7 million for Q1 2026. Earlier this month, the company announced an 8% increase to its regular quarterly dividend, now $0.13 per share. In addition to the regular hike, the board declared a one-time special dividend of $0.20 per share.