Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Superior Energy Services, Inc. (NYSE:SPN) by 78.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,904,401 shares of the oil and gas company’s stock after purchasing an additional 835,815 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 1.22% of Superior Energy Services worth $2,476,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Teza Capital Management LLC bought a new stake in Superior Energy Services in the 1st quarter worth approximately $68,000. Marshall Wace North America L.P. bought a new stake in Superior Energy Services in the 1st quarter worth approximately $131,000. Ahrens Investment Partners LLC increased its stake in Superior Energy Services by 98.5% in the 2nd quarter. Ahrens Investment Partners LLC now owns 34,960 shares of the oil and gas company’s stock worth $45,000 after acquiring an additional 17,350 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in Superior Energy Services by 15.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 35,289 shares of the oil and gas company’s stock worth $165,000 after acquiring an additional 4,616 shares during the last quarter. Finally, Advisory Services Network LLC increased its stake in Superior Energy Services by 8,975.2% in the 2nd quarter. Advisory Services Network LLC now owns 44,650 shares of the oil and gas company’s stock worth $58,000 after acquiring an additional 44,158 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors.
In related news, Director James M. Funk purchased 50,000 shares of Superior Energy Services stock in a transaction dated Friday, July 26th. The stock was purchased at an average cost of $0.83 per share, with a total value of $41,500.00. Following the transaction, the director now owns 82,179 shares in the company, valued at approximately $68,208.57. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 4.02% of the company’s stock.
A number of analysts have issued reports on the company. Scotiabank set a $2.00 price objective on Superior Energy Services and gave the stock a “hold” rating in a research note on Monday, August 26th. Piper Jaffray Companies downgraded Superior Energy Services from an “overweight” rating to a “neutral” rating and set a $1.00 price objective on the stock. in a research note on Friday, July 26th. Citigroup set a $1.00 price objective on Superior Energy Services and gave the stock a “buy” rating in a research note on Friday, July 26th. Bank of America dropped coverage on Superior Energy Services in a research note on Wednesday, August 28th. Finally, Susquehanna Bancshares downgraded Superior Energy Services from a “positive” rating to a “neutral” rating and reduced their price objective for the stock from $7.00 to $1.50 in a research note on Wednesday, July 10th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $5.36.
Shares of SPN traded up $0.04 during trading hours on Friday, hitting $0.35. The company had a trading volume of 12,554,289 shares, compared to its average volume of 3,127,647. The company has a current ratio of 2.48, a quick ratio of 2.07 and a debt-to-equity ratio of 7.56. Superior Energy Services, Inc. has a one year low of $0.07 and a one year high of $11.14. The company’s fifty day moving average price is $0.57 and its two-hundred day moving average price is $2.54.
Superior Energy Services (NYSE:SPN) last released its quarterly earnings results on Tuesday, July 23rd. The oil and gas company reported ($0.29) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.06). The company had revenue of $436.32 million during the quarter, compared to the consensus estimate of $466.52 million. Superior Energy Services had a negative return on equity of 33.30% and a negative net margin of 44.19%. During the same period in the previous year, the firm posted ($0.16) earnings per share. As a group, equities research analysts anticipate that Superior Energy Services, Inc. will post -0.97 earnings per share for the current fiscal year.
Superior Energy Services 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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