Stone Energy Corporation (SGY) Initiated as Buy at Dahlman Rose

Stone Energy Corporation (SGY) has been initiated today with coverage from the research analysts at Dahlman Rose.  Rose begins this new coverage of SGY with an initial price target set at $38 dollars and rates performance of SGY as “buy.”  Rose notes that Stone Energy is mostly a pure-play GOM shelf operator and is looking to reduce risk associated with GOM.

SGY has been on a downtrend since reaching the high of $35.94 on May 2nd, 2011, but recently shares of SGY have been attempting to pullback out of bearish bias.  Two consecutive lower lows have been made, and one new intermediate high, which indicates at worst in the short-term that SGY is consolidating.  Partly courtesy of Rose’s “buy” initiation, shares opened high this morning above last Friday’s entire daily range.

Stone Energy is slated to release their next earnings report on August 3rd, 2011, and is estimated to post EPS just shy of one whole dollar at 99 cents.  Their last earnings report was released on May 3rd, 2011, and announced EPS of 81 cents with revenue totaling $197 million dollars which was up 19.9% year to year.  SGY is currently trading above its 50 & 200-day moving averages and 2011 is an up year for the company.

Stone Energy is an independent oil and natural gas company engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties located primarily in the Gulf of Mexico (“GOM”).  The company has market capitalization of $1,507,853,080 and 49,004,000 shares outstanding.  SGY has a 52-week high of $35.94 with the low being $10.34 dollars.

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