Jefferies Remains Bullish on Superior Energy Services (SPN) - PT to $20

November 15, 2016 7:41 AM EST
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Price: $18.01 -0.11%

Rating Summary:
    27 Buy, 8 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 6 | Down: 10 | New: 6
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Jefferies maintained a Buy rating on Superior Energy Services (NYSE: SPN), and cut the price target to $20.00 (from $22.00). SPN investment thesis leading into 3Q16 earnings was heavily built on US Land recovery potential. Half of SPN's current revenues come from U.S. Land, which together with growth in International land market affords good leverage to cyclical recovery in 2017+.

Analyst Brad Handler commented, "SPN's 3Q16 reminded investors about it's significant offshore/GOM exposure with high decremental margins, but with the stock down 16% from its pre-3Q16 value, we think it creates a good entry point as investor expectations reset. SPN can benefit in 2017 as it lowers costs in Completion Tools, resumes high-margin subsea P&A work and ramps up frac utilization. Lower PT to $20, maintain BUY."

For an analyst ratings summary and ratings history on Superior Energy Services click here. For more ratings news on Superior Energy Services click here.

Shares of Superior Energy Services closed at $15.57 yesterday.

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