Pioneer Energy Services Corp Lowered to Sell at Wunderlich (PES)
Pioneer Energy Services Corp (NYSE:PES) was downgraded by investment analysts at Wunderlich from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports. They currently have a $7.00 price target on the stock. Wunderlich’s price objective would suggest a potential downside of 17.36% from the stock’s previous close.
The analysts wrote, “We are downgrading Pioneer Energy Services (PES) from Hold to Sell and maintaining a $7 price target as the recent share price appreciation seems overdone in our view given the difficult macro-environment going forward. While Pioneer has some high-spec drilling rigs and other equipment that remains in high demand, we remain worried about the equipment that needs to be put to work in order to see Pioneer move back into positive EPS territory and the increased EBITDA needed to help reduce Pioneer’s debt level. The company has seen utilization of its drilling fleet decline as rigs come off contract and with the push of E&Ps being toward higher-spec rigs we are concerned utilization and pricing could decline, causing us to move our figures lower and downgrade from Hold to Sell.”
Several other analysts have also recently commented on the stock. Analysts at Stephens initiated coverage on shares of Pioneer Energy Services Corp in a research note to investors on Tuesday, October 22nd. They set an “overweight” rating on the stock. Separately, analysts at Zacks upgraded shares of Pioneer Energy Services Corp from a “neutral” rating to an “outperform” rating in a research note to investors on Thursday, October 3rd. They now have a $8.00 price target on the stock. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Pioneer Energy Services Corp in a research note to investors on Wednesday, July 31st. They now have a $10.00 price target on the stock. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Pioneer Energy Services Corp presently has a consensus rating of “Hold” and a consensus target price of $38.69.
Shares of Pioneer Energy Services Corp (NYSE:PES) traded down 3.09% on Tuesday, hitting $8.47. 675,355 shares of the company’s stock traded hands. Pioneer Energy Services Corp has a 52-week low of $5.91 and a 52-week high of $9.91. The stock’s 50-day moving average is $6.9 and its 200-day moving average is $7.36. The company’s market cap is $526.6 million.
Pioneer Energy Services Corp., formerly Pioneer Drilling Company, provides drilling and production services to independent oil and gas exploration and production companies throughout much of the onshore oil and gas producing regions of the United States and internationally in Colombia.
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