Founder of hedge fund SAC Capital Advisors,
, purchases about 6.8 million more shares of Superior Energy
Services Inc. (
), reported on 10/02/2012 according to
GuruFocus Real Time Picks
At an average price of $20.36 per share, Cohen's total SPN share
amount is 7,911,426, boosting his company ownership to 5%.
Superior Energy Services is a company that focuses on serving the
drilling and production-related needs of oil and gas companies,
providing specialized oilfield and well decommissioning services
and equipment, according to the company's website.
Currently trading at $19.52 per share, average stock prices for
SPN have declined by more than $20 since August of 2011, ranking
one star on GuruFocus' Business Predictability Rank, and 5 out of
10 in both Financial Strength and Profitability & Growth
ratios. SPN maintains a P/E ratio of 12.6, a P/S ratio of 1.6 and
a market cap of $3.22 billion.
Superior Energy predicts its earnings per diluted share to be in
the range of $0.52 and $0.55, according to a media release
announcing Superior's third quarter earnings expectations. Due to
Hurricane Isaac, much of Superior's operations in the Gulf of
Mexico led to a more rapid decline in its onshore U.S. rig count
than originally expected, as well as a delay in delivery of an
Arctic Containment System for a 2013 drilling campaign in Alaska.
"Directionally, we were correct in our assumptions about lower
activity and utilization in the U.S. land market for the second
half of 2012," Superior CEO, David Dunlap, said in the release.
"However, the pace of reduction was greater than what we
anticipated as our customers have taken action to contain their
2012 spending to budgeted levels. Despite the slowdown and
reduced revenue, margins in most of our product and service lines
are performing at or near planned levels..."
Prior to his recent SPN purchase, Cohen sold more than 1 million
SPN shares in the first quarter when its trade price increased,
then made back those shares in the second quarter by purchasing
about a little over 1 million SPN shares, after the price
decreased by almost $6.
By the end of the second quarter, Cohen's no. 2 sold stock
industry among the 1,842 stocks in his portfolio made up of oil
and gas producers.
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