SAIC (SAI): S&P Intraday Gainer

NEW YORK ( TheStreet) -- Technical services company SAIC ( SAI) was the best-performing stock in the S&P 500 Wednesday morning.

The S&P was down 0.97 points, or 0.07%, to 1,404.55.

Shares of SAIC rose 6.31% to $13.98. It declared a quarterly dividend of 12 cents a share on Tuesday and its board authorized a buyback program of 40 million shares.

SAIC reported a fourth-quarter loss Tuesday of $161 million, or 49 cents a share, a reversal from year-earlier earnings of $127 million, or 35 cents.

On an adjusted basis, excluding a charge for CityTime, earnings from continuing operations were 31 cents a share, down from 34 cents a year earlier. The company set aside $308 million to cover its settlement of New York's CityTime payroll system scandal.

Analysts were expecting earnings of 27 cents a share.

The stock was raised to sector perform from underperform by analysts at RBC. The analysts' price target is $14.

SAIC has an estimated price-to-earnings ratio for next year of 10.24 times; the average for computer services companies is 24.11. For comparison, both Equinix ( EQIX) and VeriSign ( VRSN) have higher forward P/Es of 39.68 and 16.99, respectively.

Thirteen of the 16 analysts who cover SAIC rated it hold. Two analysts gave the stock a buy rating and one rated it sell.

TheStreet Ratings gives SAIC a C grade and a hold rating. The stock has risen 13.75% year to date.

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-- Written by Alexandra Zendrian

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The Associated Press contributed to this report.

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