Zacks Investment Research Downgrades Pioneer Energy Services Corp. (PES) to Hold

Zacks Investment Research cut shares of Pioneer Energy Services Corp. (NYSE:PES) from a buy rating to a hold rating in a report published on Saturday, October 7th.

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. “

A number of other equities research analysts have also recently commented on PES. Imperial Capital assumed coverage on shares of Pioneer Energy Services Corp. in a research note on Wednesday, October 4th. They set an in-line rating and a $3.00 target price on the stock. ValuEngine cut shares of Pioneer Energy Services Corp. from a sell rating to a strong sell rating in a research note on Friday, September 1st. Seaport Global Securities restated a neutral rating on shares of Pioneer Energy Services Corp. in a research note on Wednesday, August 2nd. Finally, Piper Jaffray Companies restated a buy rating and set a $2.75 target price on shares of Pioneer Energy Services Corp. in a research note on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $5.03.

Shares of Pioneer Energy Services Corp. (PES) opened at 1.85 on Friday. The stock has a 50 day moving average of $2.21 and a 200 day moving average of $2.47. The company’s market cap is $143.15 million. Pioneer Energy Services Corp. has a 52-week low of $1.60 and a 52-week high of $7.20.

Pioneer Energy Services Corp. (NYSE:PES) last posted its quarterly earnings data on Tuesday, August 1st. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.03). The business had revenue of $107.13 million during the quarter, compared to analysts’ expectations of $105.23 million. Pioneer Energy Services Corp. had a negative return on equity of 28.63% and a negative net margin of 33.86%. The business’s quarterly revenue was up 72.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.30) EPS. On average, equities research analysts expect that Pioneer Energy Services Corp. will post ($0.66) EPS for the current year.

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Hedge funds have recently bought and sold shares of the stock. Texas Permanent School Fund grew its holdings in shares of Pioneer Energy Services Corp. by 0.8% in the second quarter. Texas Permanent School Fund now owns 56,423 shares of the oil and gas company’s stock valued at $116,000 after purchasing an additional 472 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Pioneer Energy Services Corp. by 114.4% in the second quarter. Victory Capital Management Inc. now owns 363,851 shares of the oil and gas company’s stock valued at $746,000 after purchasing an additional 194,144 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in shares of Pioneer Energy Services Corp. in the first quarter valued at $1,940,000. Goldman Sachs Group Inc. grew its holdings in shares of Pioneer Energy Services Corp. by 49.3% in the first quarter. Goldman Sachs Group Inc. now owns 555,766 shares of the oil and gas company’s stock valued at $2,223,000 after purchasing an additional 183,540 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Pioneer Energy Services Corp. by 93.8% in the second 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 in the last quarter. 73.95% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Pioneer Energy Services Corp. (NYSE:PES)

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