Tesco Corp. (TESO) Upgraded by Zacks Investment Research to Buy
Tesco Corp. (NASDAQ:TESO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $9.50 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 11.11% from the stock’s previous close.
According to Zacks, “Tesco Corporation is engaged in the designing, manufacturing and service delivery of technology-based solutions for the upstream energy industry. The Company’s product and service include equipment sales and services to drilling contractors and oil and gas operating companies. It operates in three segments, Top Drive, Tubular Services, and CASING DRILLING. Tesco Corporation is headquartered in Houston, Texas. “
A number of other brokerages have also recently issued reports on TESO. HSBC reiterated a “hold” rating on shares of Tesco Corp. in a report on Monday. Barclays PLC reiterated a “buy” rating on shares of Tesco Corp. in a report on Monday, September 26th. Seaport Global Securities reiterated a “neutral” rating on shares of Tesco Corp. in a report on Friday, August 19th. Finally, FBR & Co set a $9.00 target price on Tesco Corp. and gave the stock a “buy” rating in a report on Wednesday, August 10th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $9.13.
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Tesco Corp. (NASDAQ:TESO) opened at 8.55 on Wednesday. The company’s market cap is $396.75 million. Tesco Corp. has a 52 week low of $5.13 and a 52 week high of $9.77. The firm has a 50-day moving average of $7.50 and a 200-day moving average of $7.49.
Tesco Corp. (NASDAQ:TESO) last issued its earnings results on Tuesday, August 9th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.03. Tesco Corp. had a negative return on equity of 15.93% and a negative net margin of 95.07%. The company had revenue of $33.60 million for the quarter, compared to analysts’ expectations of $32.48 million. During the same period last year, the business earned ($0.21) EPS. Tesco Corp.’s quarterly revenue was down 54.9% compared to the same quarter last year. Equities analysts forecast that Tesco Corp. will post ($1.53) earnings per share for the current year.
Several large investors have recently made changes to their positions in TESO. Profund Advisors LLC raised its stake in shares of Tesco Corp. by 21.7% in the second quarter. Profund Advisors LLC now owns 15,406 shares of the company’s stock valued at $103,000 after buying an additional 2,748 shares in the last quarter. Citadel Advisors LLC acquired a new stake in shares of Tesco Corp. during the second quarter valued at about $109,000. Louisiana State Employees Retirement System raised its stake in shares of Tesco Corp. by 17.8% in the second quarter. Louisiana State Employees Retirement System now owns 20,500 shares of the company’s stock valued at $137,000 after buying an additional 3,100 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Tesco Corp. by 19.3% in the second quarter. Arizona State Retirement System now owns 24,070 shares of the company’s stock valued at $161,000 after buying an additional 3,900 shares in the last quarter. Finally, Stevens Capital Management LP acquired a new stake in shares of Tesco Corp. during the second quarter valued at about $165,000. 94.87% of the stock is owned by hedge funds and other institutional investors.
Tesco Corp. Company Profile
Tesco Corporation is engaged in designing, assembly and service delivery of technology-based solutions for the upstream energy industry. The Company’s product and service offerings consist primarily of equipment sales and services to drilling contractors, and exploration and production companies around the world.
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