Stock Alert: Shares Of Superior Energy Services Inc. (SPN) Hit 52-Week High

(RTTNews) - Shares of Superior Energy Services Inc. (SPN) reached a new 52-week high of $6.07 on Jan. 28, 2020, and closed Tuesday's trading session at $5.60, up 92 cents or 19.66%. Trading volume surged to 395K versus an average volume of 95K shares.

Recent Happenings:

Jan. 28, Superior Energy's wholly owned subsidiary, SESI, L.L.C. agreed in principle with a steering committee of holders of 34.210% of SESI's $800 million aggregate principal amount of outstanding 7.125% Senior Notes due 2021.

On Dec. 18, the company's board approved a 1-for-10 Reverse Stock Split. Previously, the NYSE suspended trading of the company's common stock on the NYSE on September 26, 2019 and commenced delisting proceedings due to the "abnormally low" per share price of the company's common stock.

The company appealed the NYSE's determination and began trading on the OTCQX Best Market. On Dec. 26, 2019, the company resumed trading on the NYSE.

Dec. 18, Superior Energy agreed to divest its U.S. service rig, coiled tubing, wireline, pressure control, flowback, fluid management and accommodations service lines and merge them with Forbes Energy Services Ltd.'s complementary service lines to create a new, publicly traded consolidation platform.

Nov. 5, the company reported a net loss of $38.4 million or $0.25 per share on revenue of $425.7 million compared to a loss of $21.8 million or $0.14 per share on revenue of $573.1 million last year.

Q4 results are scheduled to be released on Wednesday, February 19, 2020 after the market closes.