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Wednesday, December 14, 2011

Sanchez Energy Corp shares prices december 14 2011

Sanchez Energy Corp shares prices december 14 2011 : Sanchez Energy Corp.'s initial public offering declined in early trading Wednesday, Sanchez Energy's stock opened at $20 a share on the New York Stock Exchange, down 9% from its IPO price of $22. It sold 10 million shares at a price below its expected $24 to $26 range.

Sanchez's reception shows that investors continue to be selective about which IPOs they are willing to take a chance on at the end of a tough year for portfolio managers. On Tuesday, social business software company Jive Software priced above its expected range and rose 25% on its first day of trading.

Sanchez Energy is an independent oil and natural-gas exploration and production company that focuses on unconventional geologic formations such as shale that require more advanced technology to tap. It owns properties in south Texas, Montana and Louisiana.

Sanchez is in an early stage of development of its properties, which means there are a lot of capital expenditures ahead of it as it seeks to drill wells and begin production. Only about 20% of its estimated proved reserves have been developed.

It began producing its first revenue in 2009, and in the first nine months of 2011, booked revenue of $9.9 million compared with $1.5 million a year earlier. It reported net income of $3.4 million for the first nine months of 2011, versus a net loss of $3.1 million in the same period of 2010. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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