Zacks Investment Research Downgrades Stone Energy (SGY) to Hold

Stone Energy (NYSE:SGY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.

According to Zacks, “Stone Energy has a strong foothold in the oil and gas resources in the Gulf of Mexico. Along with so many discoveries, the company estimated total oil and gas reserves in the region at more than 50 billion barrels. We appreciate the excellent financial health of the company. Stone Energy’s long-term debt plunged 33.2% through 2017. Also, over the same period, the cash and equivalents increased 48.1%. Moreover, the partial crude price recovery is expected to support the company’s intention to use 63% of its 2018 capital budget in exploration and development activities. However, we are concerned about Stone Energy’s declining proved crude and natural gas reserves. This could lower future production.”

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SGY has been the subject of several other research reports. ValuEngine cut shares of Stone Energy from a “sell” rating to a “strong sell” rating in a research report on Friday, December 1st. National Securities cut shares of Stone Energy from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 28th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $3.25 target price on shares of Stone Energy in a research report on Thursday, December 14th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $12.13.

Shares of Stone Energy stock opened at $37.18 on Thursday. Stone Energy has a 1 year low of $16.76 and a 1 year high of $39.70. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.76.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System bought a new stake in shares of Stone Energy in the 2nd quarter valued at $636,000. Mackenzie Financial Corp bought a new stake in shares of Stone Energy in the 4th quarter valued at $987,000. State Street Corp increased its position in shares of Stone Energy by 2,548.1% in the 2nd quarter. State Street Corp now owns 308,242 shares of the oil and natural gas company’s stock valued at $5,669,000 after buying an additional 296,602 shares in the last quarter. Nationwide Fund Advisors increased its position in shares of Stone Energy by 201.6% in the 3rd quarter. Nationwide Fund Advisors now owns 33,542 shares of the oil and natural gas company’s stock valued at $975,000 after buying an additional 22,422 shares in the last quarter. Finally, Royce & Associates LP increased its position in shares of Stone Energy by 46.1% in the 4th quarter. Royce & Associates LP now owns 581,179 shares of the oil and natural gas company’s stock valued at $18,691,000 after buying an additional 183,500 shares in the last quarter. Institutional investors and hedge funds own 98.82% of the company’s stock.

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About Stone Energy

Stone Energy Corporation is an independent oil and natural gas company. The Company is engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties. The Company operates in the Gulf of Mexico (GOM) basin. It has leveraged its operations in the GOM conventional shelf and has its reserve base in the prolific basins of the GOM deep water, Gulf Coast deep gas, and the Marcellus and Utica shales in Appalachia.

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