Citigroup Inc. Raises Superior Energy Services Inc. (SPN) Price Target to $22.00
Superior Energy Services Inc. (NYSE:SPN) had its price target raised by equities research analysts at Citigroup Inc. from $21.00 to $22.00 in a research report issued on Tuesday. The brokerage currently has a “buy” rating on the stock. Citigroup Inc.’s target price would suggest a potential upside of 18.53% from the company’s current price.
A number of other equities research analysts have also recently issued reports on the stock. Capital One Financial Corp. raised shares of Superior Energy Services from an “equal weight” rating to an “overweight” rating and set a $20.00 price objective for the company in a research note on Wednesday, July 27th. Loop Capital started coverage on shares of Superior Energy Services in a research note on Friday, September 30th. They issued a “buy” rating for the company. Zacks Investment Research cut shares of Superior Energy Services from a “buy” rating to a “hold” rating in a research note on Wednesday, July 20th. Stephens reaffirmed a “top pick” rating on shares of Superior Energy Services in a research note on Friday, July 15th. Finally, Scotiabank reaffirmed a “focus stock” rating and issued a $27.00 price objective (up previously from $21.00) on shares of Superior Energy Services in a research note on Friday, June 17th. Eight investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $17.01.
Shares of Superior Energy Services (NYSE:SPN) traded down 3.23% during trading on Tuesday, reaching $17.96. 1,772,892 shares of the company were exchanged. The stock has a 50-day moving average price of $16.61 and a 200-day moving average price of $16.53. Superior Energy Services has a one year low of $8.25 and a one year high of $19.83. The stock’s market capitalization is $2.72 billion.
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Superior Energy Services (NYSE:SPN) last announced its quarterly earnings data on Monday, July 25th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.58) by $0.05. Superior Energy Services had a negative net margin of 84.36% and a negative return on equity of 13.55%. The company earned $356.30 million during the quarter, compared to analysts’ expectations of $367.73 million. During the same quarter in the prior year, the company earned ($0.31) EPS. The firm’s revenue was down 49.9% on a year-over-year basis. Analysts forecast that Superior Energy Services will post ($2.13) EPS for the current year.
Several hedge funds have recently modified their holdings of SPN. BP Capital Fund Advisors LLC increased its stake in Superior Energy Services by 32.8% in the first quarter. BP Capital Fund Advisors LLC now owns 547,266 shares of the company’s stock valued at $7,328,000 after buying an additional 135,221 shares during the last quarter. State Street Corp increased its position in shares of Superior Energy Services by 2.0% in the first quarter. State Street Corp now owns 4,367,271 shares of the company’s stock worth $58,476,000 after buying an additional 85,328 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new position in shares of Superior Energy Services during the first quarter worth approximately $345,000. JPMorgan Chase & Co. increased its position in shares of Superior Energy Services by 99.2% in the first quarter. JPMorgan Chase & Co. now owns 1,344,305 shares of the company’s stock worth $18,000,000 after buying an additional 669,377 shares in the last quarter. Finally, BlackRock Japan Co. Ltd increased its position in shares of Superior Energy Services by 21.5% in the first quarter. BlackRock Japan Co. Ltd now owns 60,991 shares of the company’s stock worth $817,000 after buying an additional 10,800 shares in the last quarter.
About Superior Energy Services
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