The Citigroup Inc. Boosts Superior Energy Services Inc. (SPN) Price Target to $22.00

The Citigroup Inc. Boosts Superior Energy Services Inc. (SPN) Price Target to $22.00

Superior Energy Services Inc. (NYSE:SPN) had its target price lifted by Citigroup Inc. from $21.00 to $22.00 in a research note issued to investors on Tuesday. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on the company. Loop Capital assumed coverage on Superior Energy Services in a research report on Friday, September 30th. They issued a buy rating on the stock. Seaport Global Securities reaffirmed a buy rating on shares of Superior Energy Services in a research report on Friday, August 19th. Nomura set a $15.00 price target on Superior Energy Services and gave the company a hold rating in a research report on Tuesday, August 16th. Scotiabank reaffirmed a focus stock rating and issued a $25.00 price target (down previously from $27.00) on shares of Superior Energy Services in a research report on Wednesday, July 27th. Finally, Jefferies Group reissued a buy rating and set a $21.00 target price on shares of Superior Energy Services in a research report on Wednesday, July 27th. Eight equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have assigned a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $17.01.

Shares of Superior Energy Services (NYSE:SPN) opened at 18.39 on Tuesday. The company has a 50-day moving average price of $16.65 and a 200-day moving average price of $16.56. The stock’s market cap is $2.79 billion. Superior Energy Services has a 12 month low of $8.25 and a 12 month high of $19.83.

Superior Energy Services (NYSE:SPN) last posted its quarterly earnings results on Monday, July 25th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.05. The company had revenue of $356.30 million for the quarter, compared to analyst estimates 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 revenue for the quarter was down 49.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.31) EPS. On average, analysts expect that Superior Energy Services will post ($2.13) EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. IBM Retirement Fund boosted its position in Superior Energy Services by 1.4% in the second quarter. IBM Retirement Fund now owns 15,179 shares of the company’s stock worth $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 bought a new position in Superior Energy Services during the second quarter worth $2,484,000. BlackRock Institutional Trust Company N.A. boosted its position in 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 worth $60,645,000 after buying an additional 79,760 shares during the period. First Trust Advisors LP bought a new position in Superior Energy Services during the second quarter worth $10,977,000. Finally, BlackRock Japan Co. Ltd boosted its position in 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 during the period.

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