Carl Icahn’s new position
According to the latest 13F filing, activist investor and billionaire hedge fund manager Carl Icahn took a 13% stake in SandRidge Energy (SD) in 3Q17.
According to Icahn’s November 30, 2017, interview with CNBC’s Halftime Report, he’s not in favor of SandRidge Energy’s deal to acquire Bonanza Creek Energy (BCEI). However, a representative of SandRidge Energy said the acquisition is strategic and will result in future shareholder value.
SandRidge Energy’s performance
SandRidge Energy operates in oil (USO) and gas (UNG) drilling and exploration. On December 7, 2017, it was trading at $17.80. Its 52-week high is $24.76, and its 52-week low is $14.65. On a year-to-date basis, the stock has fallen 21% as of December 7, 2017. However, the broader market S&P 500 Index (SPX-INDEX) (SPY) has risen 17.8% in the same period.
On December 7, 2017, the stock was trading 4.3% and 4.4% below its 100-day and 50-day moving averages, respectively. It was also trading at par with its 20-day moving average.
In the next part of this series, we’ll analyze Icahn’s views on bitcoin.