Cowen Cuts Price Target on Superior Energy Services (SPN) to $18
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Drexel Hamilton Raises Price Target on Workday (WDAY) Following 3Q Beat
- Jefferies Cuts Price Target on Eros Int'l (EROS) to $18 Following Multi-Year Deal
- Jefferies Cuts Price Target on Kroger (KR) to $30 Following 3Q and Guidance
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesCowen & Co, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!