Stone Energy Corporation (SGY) 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. Its estimated proved oil and natural gas reserves are over 60 million barrels of oil equivalents (MMBoe) or 340 billion cubic feet equivalent (Bcfe). Over 95 MMBoe or 570 Bcfe of its estimated proved reserves are revised downward. It has made investments in seismic data and leasehold interests, and has geological, geophysical, engineering and operational operations in deep water arena to evaluate potential exploration, development and acquisition opportunities. It holds over two deep water platforms, producing reserves and various leases.
Stone Energy (SGY +4.03%) jumped over 7% in after-hours trading after it said it ended its pact with ESV and ended its contract with Midstream and entered into a new gas gathering, processing pact with Williams at Mary Field in Appalachia.
SGY is a stock to look at but not interested as energy stocks running up on no news can run higher as they're affected by rising oil prices
Analyst Upgrade/Downgrade Update Brokerage firm: Barclays Change: Downgrade Previous Rating: Equal weight Current Rating: Underweight Previous Price Target: N/A Current Price Target: $3
