Tesco Corporation (NASDAQ:TESO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a 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. “

A number of other equities analysts have also weighed in on TESO. Seaport Global Securities reiterated a “neutral” rating on shares of Tesco Corporation in a research report on Wednesday, August 9th. FBR & Co set a $7.00 price target on shares of Tesco Corporation and gave the stock a “buy” rating in a research report on Wednesday, August 16th. ValuEngine lowered shares of Tesco Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Finally, Cowen and Company set a $5.00 price target on shares of Tesco Corporation and gave the stock a “hold” rating in a research report on Friday, October 6th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $6.00.

Tesco Corporation (NASDAQ:TESO) remained flat at $3.85 during mid-day trading on Wednesday. The company had a trading volume of 89,209 shares. The stock’s 50-day moving average price is $4.92 and its 200 day moving average price is $4.85. The company’s market cap is $180.00 million. Tesco Corporation has a 12 month low of $3.60 and a 12 month high of $9.65.

Tesco Corporation (NASDAQ:TESO) last posted its quarterly 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 firm had revenue of $40.10 million during the quarter, compared to the consensus estimate of $41.01 million. Tesco Corporation had a negative return on equity of 18.21% and a negative net margin of 47.72%. The business’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 company earned ($0.39) earnings per share. Equities research analysts anticipate that Tesco Corporation will post ($0.94) EPS for the current year.

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Several institutional investors and hedge funds have recently bought and sold shares of TESO. Virginia Retirement Systems ET AL bought a new position in shares of Tesco Corporation in the second quarter worth approximately $105,000. Citadel Advisors LLC bought a new position in shares of Tesco Corporation during the first quarter worth $108,000. OppenheimerFunds Inc. boosted its position in shares of Tesco Corporation by 21.5% during the first quarter. OppenheimerFunds Inc. now owns 13,580 shares of the oil and gas company’s stock worth $109,000 after acquiring an additional 2,404 shares during the last quarter. Voya Investment Management LLC boosted its position in shares of Tesco Corporation by 25.9% during the second quarter. Voya Investment Management LLC now owns 24,546 shares of the oil and gas company’s stock worth $109,000 after acquiring an additional 5,046 shares during the last quarter. Finally, KCG Holdings Inc. bought a new position in shares of Tesco Corporation during the first quarter worth $116,000. Institutional investors and hedge funds own 90.36% of the company’s stock.

About Tesco Corporation

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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