Pioneer Energy Services (PES) Upgraded to Buy at Zacks Investment Research

Pioneer Energy Services (NYSE:PES) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm currently has a $4.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 8.11% from the company’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 research analysts have also recently weighed in on the company. Seaport Global Securities reissued a “buy” rating on shares of Pioneer Energy Services in a research report on Thursday. ValuEngine upgraded Pioneer Energy Services from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 4th. Jefferies Group restated a “buy” rating and issued a $3.00 target price on shares of Pioneer Energy Services in a research note on Friday, November 10th. Wells Fargo & Co lowered Pioneer Energy Services from an “outperform” rating to a “market perform” rating in a research note on Monday, October 16th. Finally, Goldman Sachs Group lowered Pioneer Energy Services from a “buy” rating to a “neutral” rating in a research note on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $4.53.

Pioneer Energy Services (NYSE:PES) remained flat at $$3.70 during mid-day trading on Thursday. The company’s stock had a trading volume of 785,586 shares, compared to its average volume of 1,072,802. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.75 and a quick ratio of 1.61. Pioneer Energy Services has a 1-year low of $1.60 and a 1-year high of $6.65.

Pioneer Energy Services (NYSE:PES) last posted its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported ($0.15) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.01). Pioneer Energy Services had a negative return on equity of 26.46% and a negative net margin of 25.19%. The business had revenue of $117.28 million during the quarter, compared to analysts’ expectations of $114.82 million. During the same period in the prior year, the firm posted ($0.29) EPS. The firm’s revenue for the quarter was up 71.6% on a year-over-year basis. equities analysts expect that Pioneer Energy Services will post -0.68 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of PES. Balyasny Asset Management LLC raised its stake in shares of Pioneer Energy Services by 390.0% in the second quarter. Balyasny Asset Management LLC now owns 2,088,468 shares of the oil and gas company’s stock valued at $4,281,000 after buying an additional 1,662,241 shares during the period. Franklin Resources Inc. raised its stake in shares of Pioneer Energy Services by 93.8% during the 2nd quarter. Franklin Resources Inc. now owns 2,912,950 shares of the oil and gas company’s stock valued at $5,972,000 after purchasing an additional 1,410,000 shares during the period. Macquarie Group Ltd. raised its stake in shares of Pioneer Energy Services by 67.1% during the 3rd quarter. Macquarie Group Ltd. now owns 3,440,687 shares of the oil and gas company’s stock valued at $8,774,000 after purchasing an additional 1,382,209 shares during the period. FMR LLC bought a new stake in shares of Pioneer Energy Services during the 2nd quarter valued at $1,584,000. Finally, Thrivent Financial For Lutherans raised its stake in shares of Pioneer Energy Services by 66.0% during the 2nd quarter. Thrivent Financial For Lutherans now owns 856,377 shares of the oil and gas company’s stock valued at $1,756,000 after purchasing an additional 340,441 shares during the period. Hedge funds and other institutional investors own 73.57% of the company’s stock.

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Pioneer Energy Services 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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