ValuEngine Downgrades Superior Energy Services (SPN) to Sell

Superior Energy Services (NYSE:SPN) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a report released on Wednesday.

Several other brokerages have also recently weighed in on SPN. Seaport Global Securities set a $11.00 price target on shares of Superior Energy Services and gave the company a “buy” rating in a research report on Wednesday, October 24th. Cleveland Research cut shares of Superior Energy Services from a “buy” rating to a “neutral” rating in a research report on Thursday, October 18th. BMO Capital Markets dropped their price target on shares of Superior Energy Services from $11.00 to $10.00 and set a “hold” rating for the company in a research report on Wednesday, October 24th. Stifel Nicolaus assumed coverage on shares of Superior Energy Services in a research report on Monday, September 10th. They set a “hold” rating and a $9.00 price target for the company. Finally, Capital One Financial reissued an “overweight” rating on shares of Superior Energy Services in a research report on Wednesday, July 25th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $11.76.

Shares of Superior Energy Services stock opened at $6.57 on Wednesday. Superior Energy Services has a 52-week low of $6.50 and a 52-week high of $12.73. The firm has a market capitalization of $1.02 billion, a PE ratio of -3.98 and a beta of 2.15. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.65.

Superior Energy Services (NYSE:SPN) last announced its quarterly earnings data on Monday, October 22nd. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.02). Superior Energy Services had a negative net margin of 4.76% and a negative return on equity of 14.06%. The business had revenue of $573.07 million during the quarter, compared to analysts’ expectations of $563.47 million. During the same period last year, the company posted ($0.33) EPS. Superior Energy Services’s revenue for the quarter was up 13.2% on a year-over-year basis. As a group, equities research analysts forecast that Superior Energy Services will post -0.9 EPS for the current year.

In related news, CFO Westervelt T. Ballard, Jr. acquired 4,000 shares of the firm’s stock in a transaction on Wednesday, October 24th. The stock was acquired at an average cost of $7.68 per share, for a total transaction of $30,720.00. Following the acquisition, the chief financial officer now owns 88,004 shares of the company’s stock, valued at $675,870.72. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James M. Funk acquired 5,000 shares of the firm’s stock in a transaction on Thursday, November 1st. The stock was bought at an average price of $7.98 per share, with a total value of $39,900.00. Following the completion of the acquisition, the director now directly owns 16,961 shares in the company, valued at approximately $135,348.78. The disclosure for this purchase can be found here. Corporate insiders own 3.81% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. NumerixS Investment Technologies Inc bought a new position in Superior Energy Services in the 2nd quarter worth $109,000. First Hawaiian Bank bought a new position in Superior Energy Services in the 3rd quarter worth $156,000. PNC Financial Services Group Inc. raised its holdings in Superior Energy Services by 96.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 16,005 shares of the oil and gas company’s stock worth $156,000 after purchasing an additional 7,848 shares in the last quarter. Verition Fund Management LLC bought a new position in Superior Energy Services in the 3rd quarter worth $159,000. Finally, Engineers Gate Manager LP bought a new position in Superior Energy Services in the 3rd quarter worth $195,000.

Superior Energy Services Company Profile

Superior Energy Services, Inc provides oilfield services and equipment to oil and natural gas exploration and production companies in the United States, the Gulf of Mexico, and internationally. The company operates in four segments: Drilling Products and Services, Onshore Completion and Workover Services, Production Services, and Technical Solutions.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Superior Energy Services (NYSE:SPN)

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