Pioneer Energy Services Corp Upgraded to “Hold” at Wunderlich (PES)
Pioneer Energy Services Corp (NYSE:PES) was upgraded by research analysts at Wunderlich from a “sell” rating to a “hold” rating in a report released on Monday, TheFlyOnTheWall.com reports. The firm currently has a $7.00 price target on the stock. Wunderlich’s price objective points to a potential downside of 0.71% from the stock’s previous close.
The analysts wrote, “Since late October, the stock has fallen from $8.74 to $7.09, or about 20%, and now we feel that the company is being properly valued given the current environment in the onshore OFS space. Pioneer has seen solid utilization rates across its business lines but pricing remains flattish and with our view of a relatively flat US rig count in 2014, especially early in the year given weather constraints, we feel that the numbers we put out in October are still relevant. With flat EPS and revenue and a focus on debt reduction, we move to Hold from Sell as the equity value hits our target $7 target.”
Shares of Pioneer Energy Services Corp (NYSE:PES) opened at 7.05 on Monday. Pioneer Energy Services Corp has a 1-year low of $6.46 and a 1-year high of $9.91. The stock’s 50-day moving average is $7.7 and its 200-day moving average is $7.36. The company’s market cap is $439.4 million.
Pioneer Energy Services Corp (NYSE:PES) last announced its earnings results on Wednesday, October 30th. The company reported $0.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.04. The company had revenue of $244.00 million for the quarter, compared to the consensus estimate of $236.20 million. During the same quarter in the previous year, the company posted $0.04 earnings per share. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts expect that Pioneer Energy Services Corp will post $-0.09 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Global Hunter Securities downgraded shares of Pioneer Energy Services Corp from a “buy” rating to a “neutral” rating in a research note to investors on Monday, November 18th. Separately, analysts at ISI Group upgraded shares of Pioneer Energy Services Corp from a “neutral” rating to a “buy” rating in a research note to investors on Friday, November 8th. Finally, analysts at Zacks downgraded shares of Pioneer Energy Services Corp from an “outperform” rating to a “neutral” rating in a research note to investors on Monday, November 4th. They now have a $9.20 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Pioneer Energy Services Corp presently has a consensus rating of “Hold” and a consensus target price of $43.03.
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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