Todays Report: Today, Pioneer Energy Services Corp. (PES) Upgrade at The Zacks Investment Research

Today, Pioneer Energy Services Corp. (PES) Upgrade at The Zacks Investment Research

Pioneer Energy Services Corp. (NYSE:PES) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $4.00 price target on the stock. Zacks Investment Research’s price target suggests a potential downside of 13.98% from the company’s current price.

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 research analysts have also recently commented on the company. Seaport Global Securities raised Pioneer Energy Services Corp. from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research note on Friday, September 30th. Raymond James Financial Inc. raised Pioneer Energy Services Corp. from an “underperform” rating to a “market perform” rating in a research note on Wednesday, November 2nd. Jefferies Group raised Pioneer Energy Services Corp. from a “hold” rating to a “buy” rating and increased their target price for the company from $5.00 to $6.00 in a research note on Friday, September 2nd. Wells Fargo & Co. raised Pioneer Energy Services Corp. from a “market perform” rating to an “outperform” rating in a research note on Monday, July 18th. Finally, DA Davidson started coverage on Pioneer Energy Services Corp. in a research note on Thursday, September 15th. They set a “buy” rating and a $5.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $3.73.

Shares of Pioneer Energy Services Corp. (NYSE:PES) traded down 2.11% during mid-day trading on Tuesday, reaching $4.65. The company had a trading volume of 201,093 shares. The company’s market capitalization is $301.80 million. Pioneer Energy Services Corp. has a 12-month low of $0.95 and a 12-month high of $5.05. The firm has a 50-day moving average of $4.15 and a 200-day moving average of $3.83.

Pioneer Energy Services Corp. (NYSE:PES) last released its earnings results on Tuesday, November 1st. The company reported ($0.29) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.33) by $0.04. The business had revenue of $68.40 million for the quarter, compared to analysts’ expectations of $63.11 million. Pioneer Energy Services Corp. had a negative return on equity of 24.83% and a negative net margin of 45.35%. The firm’s revenue was down 36.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.25) earnings per share. On average, equities analysts anticipate that Pioneer Energy Services Corp. will post ($1.21) earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the company. Phoenix Investment Adviser LLC purchased a new stake in Pioneer Energy Services Corp. during the second quarter worth $392,000. EAM Investors LLC bought a new stake in shares of Pioneer Energy Services Corp. during the second quarter valued at approximately $2,998,000. Van Den Berg Management I Inc. raised its stake in shares of Pioneer Energy Services Corp. by 65.3% in the second quarter. Van Den Berg Management I Inc. now owns 1,556,586 shares of the company’s stock valued at $7,160,000 after buying an additional 614,675 shares during the period. California Public Employees Retirement System raised its stake in shares of Pioneer Energy Services Corp. by 6.7% in the second quarter. California Public Employees Retirement System now owns 1,169,200 shares of the company’s stock valued at $5,378,000 after buying an additional 73,300 shares during the period. Finally, Emerald Acquisition Ltd. bought a new stake in shares of Pioneer Energy Services Corp. during the second quarter valued at approximately $926,000. Institutional investors own 75.71% of the company’s stock.

Pioneer Energy Services Corp. Company Profile

Pioneer Energy Services Corp. provides land-based drilling services and production services to oil and gas exploration, and production companies in the United States and internationally in Colombia. The Company operates through two segments: Drilling Services and Production Services. The Drilling Services Segment provides contract land drilling services to a group of exploration and production companies through its four drilling divisions in the United States, and internationally in Colombia.

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