In a report published Friday, Citigroup analyst Robin Shoemaker reiterated a Buy rating on Superior Energy Services SPN, but lowered the price target from $33.00 to $32.00.
In the report, Citigroup noted, “Although SPN did not reduce its full year earnings guidance today, it did indicate that ‘transitory' issues in 2Q13 will cause earnings to be below the range of analyst expectations for the quarter. The consensus EPS estimate was $0.50 for 2Q13 and the company is now saying $0.42 to $0.44 is more likely when they report 2Q results on July 29. We have lowered our EPS estimate for 2013 to $1.90 from $2.25. We have also lowered our 2014 EPS estimate from $3.05 to $2.85. We do not view all of the issues that negatively impacted EPS in the quarter as transitory. Our estimates were previously above consensus.”
Superior Energy Services closed on Thursday at $27.37.
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