Superior Energy Services (NYSE:SPN) Stock Price Down 2.9% After Analyst Downgrade

Superior Energy Services, Inc. (NYSE:SPN)’s share price dropped 2.9% on Friday after Wells Fargo & Co lowered their price target on the stock from $3.00 to $1.00. Wells Fargo & Co currently has a market perform rating on the stock. Superior Energy Services traded as low as $0.33 and last traded at $0.33, approximately 79,126 shares changed hands during mid-day trading. A decline of 98% from the average daily volume of 4,323,871 shares. The stock had previously closed at $0.34.

Other analysts also recently issued reports about the stock. Citigroup set a $1.00 price target on shares of Superior Energy Services and gave the stock a “buy” rating in a research note on Friday, July 26th. Morgan Stanley decreased their price objective on shares of Superior Energy Services from $5.00 to $3.00 and set an “underweight” rating on the stock in a research report on Friday, July 12th. Scotiabank set a $2.00 price objective on shares of Superior Energy Services and gave the company a “hold” rating in a research report on Monday, August 26th. Barclays cut shares of Superior Energy Services from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $5.00 to $2.00 in a research report on Monday, May 20th. Finally, Bank of America dropped coverage on shares of Superior Energy Services in a research report on Wednesday, August 28th. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $4.96.

In related news, Director James M. Funk purchased 50,000 shares of Superior Energy Services stock in a transaction that occurred on Friday, July 26th. The shares were bought at an average price of $0.83 per share, for a total transaction of $41,500.00. Following the completion of the transaction, the director now directly owns 82,179 shares of the company’s stock, valued at $68,208.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.02% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Teza Capital Management LLC purchased a new position in shares of Superior Energy Services during the first quarter valued at about $68,000. Point72 Hong Kong Ltd bought a new stake in Superior Energy Services during the second quarter worth about $32,000. Marshall Wace North America L.P. bought a new stake in Superior Energy Services during the first quarter worth about $131,000. Alberta Investment Management Corp bought a new stake in Superior Energy Services during the second quarter worth about $39,000. Finally, Alambic Investment Management L.P. bought a new stake in Superior Energy Services during the second quarter worth about $41,000. Institutional investors own 92.88% of the company’s stock.

The company has a debt-to-equity ratio of 7.56, a current ratio of 2.48 and a quick ratio of 2.07. The firm’s 50 day moving average is $0.52 and its 200 day moving average is $2.42. The firm has a market cap of $54.16 million, a P/E ratio of -0.37 and a beta of 2.46.

Superior Energy Services (NYSE:SPN) last posted its quarterly earnings data on Tuesday, July 23rd. The oil and gas company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.06). Superior Energy Services had a negative return on equity of 33.30% and a negative net margin of 44.19%. The business had revenue of $436.32 million for the quarter, compared to the consensus estimate of $466.52 million. During the same period in the previous year, the firm earned ($0.16) EPS. As a group, analysts expect that Superior Energy Services, Inc. will post -0.97 EPS for the current year.

About Superior Energy Services (NYSE:SPN)

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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