Superior Energy downgraded at Barclays on heightened credit risk
May. 20, 2019 11:43 AM ETSuperior Energy Services, Inc. (SPN)By: Carl Surran, SA News Editor3 Comments
Superior Energy Services (SPN -3.2%) sinks to a 52-week low after Barclays downgrades shares to Underweight from Equal Weight and slashes its price target to $2 from $5.
Credit markets are concerned that SPN cannot generate enough cash in the face of $800M of 2021 maturities, according to Barclays analyst David Anderson, who also says the company has a "vast" product offering but "none that particularly stand out."