Superior Energy Services (NYSE: SPN ) is hoping to extract some value from its shares through a new repurchase program. The company's board has authorized a buyback initiative for up to $400 million worth of its common stock. The program expires on December 31.
It currently has slightly more than 159.5 million shares outstanding. Its stock most recently closed at $25.81 per share.
Superior also provided guidance for its Q3. The company expects to turn in earnings of $0.39 to $0.41 per diluted share for the quarter. That range is well below the $0.49 average analyst estimate. In the press release unveiling the figures, CEO David Dunlap says that this was because "the flat U.S. land horizontal rig count environment continued to have an adverse effect on pricing and margins for several completions and productions-related services, as oversupply challenges continue."
Superior is scheduled to release its Q3 results next Thursday, October 24, after market close.