Friday, October 15, 2010

Superior Energy (NYSE:SPN) Gets "Buy" Ratings on New Jefferies' Coverage

Superior Energy Services (NYSE:SPN) received a "Buy" rating from Jefferies as they initiated coverage on them, citing diversification of revenue streams away from the Gulf of Mexico.

"SPN is very well positioned to continue to diversify its revenue stream away from the Gulf by leveraging its products and services in key international markets, and benefiting from higher well complexity in the U.S. land market. We see earnings upside and likely multiple expansion over the next few years," said Jefferies.

Superior closed Thursday at $26.79, dropping $0.07, or 0.26 percent.

Jefferies started them off with a price target of $34.

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