Bank of New York Mellon Corp Reduces Position in Superior Energy Services, Inc. (SPN)

Bank of New York Mellon Corp reduced its stake in Superior Energy Services, Inc. (NYSE:SPN) by 1.3% during the 2nd quarter, Holdings Channel reports. The firm owned 2,002,165 shares of the oil and gas company’s stock after selling 26,243 shares during the period. Bank of New York Mellon Corp’s holdings in Superior Energy Services were worth $19,502,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its stake in shares of Superior Energy Services by 38.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 11,285,507 shares of the oil and gas company’s stock valued at $95,137,000 after purchasing an additional 3,118,109 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Superior Energy Services by 6.8% in the 1st quarter. Van ECK Associates Corp now owns 8,297,984 shares of the oil and gas company’s stock valued at $69,952,000 after purchasing an additional 531,038 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Superior Energy Services by 12.9% in the 1st quarter. Nuveen Asset Management LLC now owns 3,606,059 shares of the oil and gas company’s stock valued at $30,399,000 after purchasing an additional 412,676 shares during the last quarter. Prudential Financial Inc. grew its stake in shares of Superior Energy Services by 10.6% in the 1st quarter. Prudential Financial Inc. now owns 1,978,903 shares of the oil and gas company’s stock valued at $16,682,000 after purchasing an additional 189,980 shares during the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of Superior Energy Services by 14.8% in the 1st quarter. Schroder Investment Management Group now owns 1,691,262 shares of the oil and gas company’s stock valued at $14,258,000 after purchasing an additional 218,285 shares during the last quarter.

SPN has been the topic of several analyst reports. ValuEngine upgraded Superior Energy Services from a “sell” rating to a “hold” rating in a research note on Thursday, June 7th. Morgan Stanley downgraded Superior Energy Services from an “equal weight” rating to an “underweight” rating in a research note on Thursday, July 12th. Zacks Investment Research downgraded Superior Energy Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 18th. Credit Suisse Group lowered their target price on Superior Energy Services from $12.00 to $10.00 and set an “outperform” rating on the stock in a research note on Thursday, July 26th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $10.00 target price on shares of Superior Energy Services in a research note on Thursday, July 26th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $12.07.

Superior Energy Services stock opened at $9.21 on Monday. The company has a current ratio of 1.97, a quick ratio of 1.56 and a debt-to-equity ratio of 1.22. Superior Energy Services, Inc. has a 1-year low of $7.66 and a 1-year high of $12.73. The company has a market capitalization of $1.42 billion, a P/E ratio of -5.58 and a beta of 2.13.

Superior Energy Services (NYSE:SPN) last posted its quarterly earnings results on Tuesday, July 24th. The oil and gas company reported ($0.16) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.06. Superior Energy Services had a negative return on equity of 16.43% and a negative net margin of 6.76%. The firm had revenue of $553.55 million for the quarter, compared to the consensus estimate of $532.07 million. During the same period in the previous year, the business earned ($0.41) earnings per share. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. equities analysts anticipate that Superior Energy Services, Inc. will post -0.78 earnings per share for the current fiscal year.

Superior Energy Services Company Profile

Superior Energy Services, Inc provides oilfield services and equipment to oil and natural gas exploration and production companies in the United States, the Gulf of Mexico, and internationally. The company operates in four segments: Drilling Products and Services, Onshore Completion and Workover Services, Production Services, and Technical Solutions.

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Institutional Ownership by Quarter for Superior Energy Services (NYSE:SPN)

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