Cowen Cuts Price Target on Superior Energy Services (SPN) to $18
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Cowen maintained an Outperform rating on Superior Energy Services (NYSE: SPN), and cut the price target to $18.00 (from $20.00), following the company's 3Q earnings report. SPN posted a wider than expected miss largely driven by weakness in the Gulf of Mexico and what sounded like semi-transitory events related to restarting and repositioning the pressure pumping fleet.
Analyst Marc Bianchi commented, "Wider than expected miss, uncertainty about recurring profitability, and a growing focus on cash flow combine to leave SPN stock range bound over the near term. While not pretty, the damage has been done and the stock screens attractively relative to the mid-cap oil service group."
Shares of Superior Energy Services closed at $15.03 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesCowen & Co, Earnings
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