KLR Group Starts Superior Energy Services (SPN) at Buy

KLR Group initiates coverage on Superior Energy Services (NYSE: SPN) with a Buy rating and a price target of $21.00.

Analyst Darren Gacicia commented, "We are initiating coverage of SPN with a Buy rating and $21 price target. We are buyers of SPN for exposure to a broader recovery of activity in North America and international markets, both onshore and offshore. Leverage to recovery may be found in larger, safer names, but the market may not appreciate improved operating leverage from integration efforts/internal restructuring and the potential for SPN to gain share as it emerges as the 4 th largest integrated service provider amid industry consolidation. A solid balance sheet supports a positive risk/reward and potential for accretive deals or a return of capital as a positive catalyst. In our view, SPN has participated in bidding for HAL/BHI divestitures, which may offer SPN a pathway toward new product lines and international expansion."

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 $13.53 yesterday.

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