What happened

Shares of oil services company Superior Energy Services (SPN) are up 21.6% as of 12:15 p.m. EDT today. The move comes after an analyst upgraded the stock.

So what

JPMorgan analysts upgraded Superior's stock from underweight to neutral today, which appears to be the only tangible news to explain the price spike. According to the research report, analysts are encouraged by management's focus on generating cash, and it's possible it will explore asset sales to pay down some debt.

Fracking equipment.

Image source: Getty Images.

This isn't exactly a glowing recommendation for the company, but its stock has declined precipitously. Over the past five years, it's been down more than 94%, and that includes today's move. So, any shred of good news is going to help this beaten-down stock.

Now what 

When a stock has been hit as hard as Superior's and it's trading for less than $2 a share, it doesn't take much to move the needle. This was certainly the case today, and the price move has zero implications for the long-term investment thesis. This analyst report only mentions things that the company could do to raise its stock price instead of pointing to tangible things that are actually happening. If you're looking to make a long-term investment in a business, you want to see those things taking place before making your own move.

SPN Chart

SPN data by YCharts.

There is nothing about today that should change investors' minds about Superior. It continues to be an oil services stock that's struggling with profitability and will likely continue to be one for some time. This stock has "stay away" written all over it.