Tesco Corp. (TESO) Cut to “Hold” at Zacks Investment Research
Tesco Corp. (NASDAQ:TESO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
Other analysts have also issued research reports about the company. HSBC reiterated a “hold” rating on shares of Tesco Corp. in a report on Sunday. Seaport Global Securities reiterated a “neutral” rating on shares of Tesco Corp. in a report on Friday, August 19th. Barclays PLC reiterated a “buy” rating on shares of Tesco Corp. in a report on Monday, September 26th. Finally, FBR & Co set a $9.00 price objective on Tesco Corp. and gave the company a “buy” rating in a report on Wednesday, August 10th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $8.83.
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Tesco Corp. (NASDAQ:TESO) opened at 7.95 on Wednesday. The stock’s market cap is $368.90 million. The stock has a 50 day moving average price of $7.62 and a 200-day moving average price of $7.47. Tesco Corp. has a 1-year low of $5.13 and a 1-year high of $9.77.
Tesco Corp. (NASDAQ:TESO) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm earned ($0.21) earnings per share. Tesco Corp.’s revenue was down 54.9% compared to the same quarter last year. On average, equities analysts expect that Tesco Corp. will post ($1.53) EPS for the current year.
Several large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its position in shares of Tesco Corp. by 7.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,728,231 shares of the company’s stock worth $18,252,000 after buying an additional 185,057 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Tesco Corp. by 19.4% in the second quarter. Ameriprise Financial Inc. now owns 225,800 shares of the company’s stock worth $1,510,000 after buying an additional 36,764 shares in the last quarter. Royce & Associates LP raised its position in shares of Tesco Corp. by 12.3% in the second quarter. Royce & Associates LP now owns 911,296 shares of the company’s stock worth $6,097,000 after buying an additional 100,000 shares in the last quarter. Swiss National Bank raised its position in shares of Tesco Corp. by 30.9% in the second quarter. Swiss National Bank now owns 71,600 shares of the company’s stock worth $479,000 after buying an additional 16,900 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Tesco Corp. by 6.2% in the second quarter. Bank of New York Mellon Corp now owns 518,884 shares of the company’s stock worth $3,472,000 after buying an additional 30,380 shares in the last quarter. Hedge funds and other institutional investors own 95.05% of the company’s stock.
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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