SD - SandRidge Energy Announces A $1.50 Per Share Special Dividend

2024-01-26 00:00:40 ET

Summary

• SandRidge declared a one-time dividend of $1.50 per share and plans to increase its quarterly dividend to $0.11 per share starting in March 2024.
• This adds up to approximately $71 million in 2024 dividend payments.
• I project SandRidge's 2024 free cash flow at $60 million at current strip.
• It would then end 2024 with around $235 million to $240 million in net cash.
• SandRidge's production will decline in this scenario though due to limited development activity.

SandRidge Energy ( SD ) recently declared that it was increasing its quarterly dividend by 10% and issuing a special dividend of $1.50 per share for February 2024. I project SandRidge's expected dividend payments to modestly exceed its free cash flow in 2024 at current strip prices. SandRidge should still end 2024 with over $6 per share in cash on hand though if it doesn't make any major investments....

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