Salesforce (CRM) reports Street-beating Q2 >>> READ MORE

5 Energy Stocks Loved By Billionaire Leon Cooperman

These energy stocks could be set to skyrocket

    View All  

SandRidge Energy

SDWith founder and former CEO Tom Ward out at SandRidge Energy (SD), it’s a whole new ballgame.

Ward was criticized for using SandRidge as his own personal cash cow, while investors lost 80% since the company went public back in 2007. That led to his ouster, and now investors are once again able to focus strictly on the E&P firms prospects.

During the past few years, the company has begun to transition from a strictly natural-gas-focused company to one with broader energy ambitions. That includes adding acreage and exposure to both on- and offshore fields. Rising production at these new sites — like in the Mississippi Lime and the Gulf of Mexico — have helped bolster cash flows and reduce debt.

SandRidge is a turnaround story waiting to happen, and Cooperman has bet big on that happening. The hedge fund manager raised his stake in SD by more than 2 million shares this past quarter and now owns a whopping 26.5 million shares. Cooperman could make a mint off of SandRidge as estimates for its real value range anywhere from the $9 to $12 range — much higher than the current going price of $4.77.

As of this writing, Aaron Levitt did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC