What does the smart money think about SandRidge Energy Inc. (NYSE:SD)?
At the end of the first quarter, a total of 20 of the hedge funds tracked by Insider Monkey were bullish in this stock, a change of -17% from the previous quarter. With the smart money’s sentiment swirling, there exists an “upper tier” of noteworthy hedge fund managers who were bullish about the stock.
Of the funds tracked by Insider Monkey, Fairfax Financial Holdings, managed by Prem Watsa, holds the most valuable position in SandRidge Energy Inc. (NYSE:SD). Fairfax Financial Holdings has a $90.6 million position in the stock, comprising 6.4% of its 13F portfolio. The second largest stake is held by Mount Kellett Capital Management, managed by Mark McGoldrick and Jason Maynard, which held a $44.9 million position; 21.1% of its 13F portfolio is allocated to the stock. Remaining peers that are bullish consist of Leon Cooperman’s Omega Advisors, Dinakar Singh’s TPG-AXON Management LP and Thomas E. Claugus’s GMT Capital.
Due to the fact that SandRidge Energy Inc. (NYSE:SD) has witnessed a declining interest from the smart money, it’s easy to see that there exists a select few money managers who sold off their positions entirely at the end of the first quarter. Interestingly, Michael Zimmerman’s Prentice Capital Management said goodbye to the biggest stake of all the hedgies tracked by Insider Monkey, comprising close to $3.7 million in stock. J. Carlo Cannell’s fund, Cannell Capital, also sold off its stock, about $2.8 million worth. Billionaire Leon Cooperman and Dinakar Singh were among the large holders who cut their holdings significantly.
Overall, hedge fund sentiment clearly indicates that SandRidge Energy isn’t a good stock to buy right now.