Zacks Investment Research Upgrades Pioneer Energy Services Corp. (PES) to “Buy”
Pioneer Energy Services Corp. (NYSE:PES) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $3.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 17.65% from the stock’s previous close.
According to Zacks, “Pioneer Energy Services Corp. provides land contract drilling services and production services to independent and major oil and gas exploration and production companies. The company’s Drilling Services division provides contract land drilling services to operators in Texas, Louisiana, Mid-Continent, Rocky Mountain, and Appalachian regions; and in Colombia. Pioneer also provides well servicing, wireline, coiled tubing and fishing and rental services to producers in the U.S. Gulf Coast, offshore Gulf of Mexico, Mid-Continent and Rocky Mountain regions through its Production Services Segment. Pioneer Energy Services Corp., formerly known as Pioneer Drilling Company, is based in San Antonio, Texas. “
Several other brokerages also recently commented on PES. Seaport Global Securities downgraded Pioneer Energy Services Corp. from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $4.50 to $2.00 in a research report on Wednesday, June 21st. Imperial Capital initiated coverage on Pioneer Energy Services Corp. in a research report on Wednesday. They set an “in-line” rating and a $3.00 target price for the company. Piper Jaffray Companies reiterated a “buy” rating and set a $2.75 price objective on shares of Pioneer Energy Services Corp. in a research report on Thursday, August 3rd. Finally, ValuEngine raised shares of Pioneer Energy Services Corp. from a “strong sell” rating to a “sell” rating in a report on Friday, July 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. Pioneer Energy Services Corp. presently has an average rating of “Hold” and a consensus target price of $5.03.
Pioneer Energy Services Corp. (NYSE PES) opened at 2.55 on Wednesday. The stock’s 50 day moving average is $2.08 and its 200-day moving average is $2.61. Pioneer Energy Services Corp. has a 52-week low of $1.60 and a 52-week high of $7.20. The company’s market capitalization is $197.31 million.
Pioneer Energy Services Corp. (NYSE:PES) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported ($0.21) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.03). Pioneer Energy Services Corp. had a negative net margin of 33.86% and a negative return on equity of 28.63%. The business had revenue of $107.13 million for the quarter, compared to analysts’ expectations of $105.23 million. During the same period in the previous year, the company earned ($0.30) EPS. Pioneer Energy Services Corp.’s revenue for the quarter was up 72.0% compared to the same quarter last year. Analysts predict that Pioneer Energy Services Corp. will post ($0.66) EPS for the current fiscal year.
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A number of hedge funds have recently made changes to their positions in PES. Texas Permanent School Fund lifted its stake in Pioneer Energy Services Corp. by 0.8% in the 2nd quarter. Texas Permanent School Fund now owns 56,423 shares of the oil and gas company’s stock worth $116,000 after purchasing an additional 472 shares in the last quarter. AXA acquired a new position in Pioneer Energy Services Corp. in the first quarter valued at approximately $118,000. Citigroup Inc. lifted its holdings in Pioneer Energy Services Corp. by 230.7% in the second quarter. Citigroup Inc. now owns 63,848 shares of the oil and gas company’s stock valued at $131,000 after acquiring an additional 44,541 shares during the last quarter. SG Americas Securities LLC acquired a new position in Pioneer Energy Services Corp. in the first quarter valued at approximately $138,000. Finally, BlueCrest Capital Management Ltd lifted its holdings in Pioneer Energy Services Corp. by 532.0% in the second quarter. BlueCrest Capital Management Ltd now owns 76,328 shares of the oil and gas company’s stock valued at $156,000 after acquiring an additional 64,251 shares during the last quarter. Institutional investors own 73.95% of the company’s stock.
Pioneer Energy Services Corp. Company Profile
Pioneer Energy Services Corp. provides land-based drilling services and production services to a group of independent oil and gas exploration and production companies in the United States and internationally in Colombia. The Company operates through two segments, which include drilling services segment and production services segment.
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