Superior Energy Services Inc. (NYSE:SPN) shares rose 1.3% during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $21.00 to $22.00. Citigroup currently has a buy rating on the stock. Superior Energy Services traded as high as $18.52 and last traded at $18.35, with a volume of 1,270,460 shares changing hands. The stock had previously closed at $18.11.
Several other research analysts have also recently issued reports on the company. Capital One Financial Corp. raised Superior Energy Services from an “equal weight” rating to an “overweight” rating and set a $20.00 target price on the stock in a research report on Wednesday, July 27th. Loop Capital initiated coverage on Superior Energy Services in a research report on Friday, September 30th. They set a “buy” rating on the stock. Zacks Investment Research cut Superior Energy Services from a “buy” rating to a “hold” rating in a research report on Wednesday, July 20th. Stephens reaffirmed a “top pick” rating on shares of Superior Energy Services in a research report on Friday, July 15th. Finally, Scotiabank reissued 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 report on Friday, June 17th. Eight investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $17.01.
Several institutional investors have recently made changes to their positions in the stock. IBM Retirement Fund raised its position in shares of Superior Energy Services by 1.4% in the second quarter. IBM Retirement Fund now owns 15,179 shares of the company’s stock valued at $279,000 after buying an additional 211 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in shares of Superior Energy Services during the second quarter valued at approximately $2,484,000. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Superior Energy Services by 1.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,529,128 shares of the company’s stock valued at $60,645,000 after buying an additional 79,760 shares in the last quarter. First Trust Advisors LP bought a new stake in shares of Superior Energy Services during the second quarter valued at $10,977,000. Finally, BlackRock Japan Co. Ltd boosted its stake 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 valued at $817,000 after buying an additional 10,800 shares in the last quarter.
The company’s market capitalization is $2.79 billion. The firm’s 50 day moving average is $16.65 and its 200 day moving average is $16.56.
Superior Energy Services (NYSE:SPN) last released its earnings results on Monday, July 25th. The company reported ($0.53) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.58) by $0.05. The company had revenue of $356.30 million for the quarter, compared to the consensus estimate of $367.73 million. Superior Energy Services had a negative return on equity of 13.55% and a negative net margin of 84.36%. Superior Energy Services’s quarterly revenue was down 49.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.31) earnings per share. On average, equities analysts predict that Superior Energy Services Inc. will post ($2.13) earnings per share for the current fiscal year.
About Superior Energy Services
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