Superior Energy Services (SPN) Shares Gap Down After Analyst Downgrade
Superior Energy Services, Inc. (NYSE:SPN) shares gapped down prior to trading on Tuesday after Citigroup lowered their price target on the stock from $12.00 to $9.00. The stock had previously closed at $8.68, but opened at $8.50. Citigroup currently has a neutral rating on the stock. Superior Energy Services shares last traded at $8.44, with a volume of 3260077 shares changing hands.
SPN has been the topic of a number of other reports. Royal Bank of Canada set a $10.00 price target on Superior Energy Services and gave the company a “hold” rating in a report on Thursday, December 21st. ValuEngine downgraded Superior Energy Services from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Scotiabank downgraded Superior Energy Services to a “hold” rating in a research note on Thursday, January 11th. Howard Weil downgraded Superior Energy Services from a “sector outperform” rating to a “sector perform” rating in a research note on Friday, January 12th. Finally, Jefferies Group restated a “hold” rating and set a $11.00 target price on shares of Superior Energy Services in a research note on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $12.58.
Institutional investors and hedge funds have recently modified their holdings of the business. Summit Financial Wealth Advisors LLC acquired a new stake in Superior Energy Services during the 3rd quarter worth about $107,000. Suntrust Banks Inc. acquired a new stake in Superior Energy Services during the 2nd quarter worth about $108,000. Nomura Holdings Inc. acquired a new stake in Superior Energy Services during the 2nd quarter worth about $116,000. Oakbrook Investments LLC acquired a new stake in Superior Energy Services during the 4th quarter worth about $108,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in Superior Energy Services during the 3rd quarter worth about $126,000.
About Superior Energy Services
Superior Energy Services, Inc provides a range of services and products to the energy industry related to the exploration, development and production of oil and natural gas. The Company’s segments include Drilling Products and Services, which rents and sells bottom hole assemblies, drill pipe, tubulars and specialized equipment for use with onshore and offshore oil and gas well drilling, production and workover activities; Onshore Completion and Workover Services, which provides pressure pumping services used to complete and stimulate production in new oil and gas wells, fluid handling services and well servicing rigs that provide a range of well completion and maintenance services; Production Services, which provides intervention services, such as coiled tubing, cased hole and mechanical wireline, hydraulic workover and snubbing, and remedial pumping services, and Technical Solutions, which provides services requiring specialized engineering, manufacturing or project planning.
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