Tesco Co. (TESO) Lifted to “Hold” at Zacks Investment Research
Tesco Co. (NASDAQ:TESO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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. “
TESO has been the subject of a number of other reports. Seaport Global Securities lowered their target price on Tesco from $9.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, May 10th. ValuEngine downgraded Tesco from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. FBR & Co set a $7.00 target price on Tesco and gave the stock a “buy” rating in a report on Wednesday, August 16th. Finally, Cowen and Company lowered their target price on Tesco from $9.00 to $6.00 and set a “market perform” rating for the company in a report on Monday, June 5th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $6.50.
Shares of Tesco (NASDAQ TESO) traded down 5.43% during mid-day trading on Wednesday, hitting $4.35. The stock had a trading volume of 393,855 shares. The firm’s market capitalization is $203.38 million. The stock’s 50-day moving average is $4.38 and its 200-day moving average is $5.67. Tesco has a 1-year low of $3.70 and a 1-year high of $9.65.
Tesco (NASDAQ:TESO) last issued its earnings results on Tuesday, August 8th. The oil and gas company reported ($0.25) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.24) by $0.01. The business had revenue of $40.10 million during the quarter, compared to the consensus estimate of $41.01 million. Tesco had a negative return on equity of 16.64% and a negative net margin of 30.16%. The company’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.39) earnings per share. Equities analysts expect that Tesco will post ($0.94) earnings per share for the current year.
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A number of hedge funds have recently modified their holdings of the business. Swiss National Bank increased its holdings in shares of Tesco by 6.7% during the first quarter. Swiss National Bank now owns 76,400 shares of the oil and gas company’s stock valued at $615,000 after acquiring an additional 4,800 shares in the last quarter. OppenheimerFunds Inc. increased its holdings in shares of Tesco by 21.5% during the first quarter. OppenheimerFunds Inc. now owns 13,580 shares of the oil and gas company’s stock valued at $109,000 after acquiring an additional 2,404 shares in the last quarter. Dalton Greiner Hartman Maher & Co. increased its holdings in shares of Tesco by 24.5% during the second quarter. Dalton Greiner Hartman Maher & Co. now owns 337,641 shares of the oil and gas company’s stock valued at $1,503,000 after acquiring an additional 66,470 shares in the last quarter. Prudential Financial Inc. increased its holdings in shares of Tesco by 0.4% during the first quarter. Prudential Financial Inc. now owns 78,492 shares of the oil and gas company’s stock valued at $632,000 after acquiring an additional 330 shares in the last quarter. Finally, Paloma Partners Management Co bought a new stake in shares of Tesco during the first quarter valued at approximately $154,000. Institutional investors and hedge funds own 91.12% of the company’s stock.
Tesco Company Profile
Tesco Corporation is a provider of technology-based solutions for drilling, servicing and completion of wells for the upstream energy industry. The Company’s operations consist of top drives and automated pipe handling equipment sales and rentals; aftermarket sales and services, and tubular services, including related products and accessories sales.
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