Pioneer Energy Services (NYSE:PES) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Pioneer Energy Services (NYSE:PES) from a sell rating to a hold rating in a research note issued to investors on Friday morning, Zacks.com reports.

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 analysts have also recently commented on PES. ValuEngine upgraded shares of Pioneer Energy Services from a sell rating to a hold rating in a research report on Thursday, August 1st. Imperial Capital lowered their price objective on shares of Pioneer Energy Services from $2.00 to $1.00 and set an in-line rating for the company in a research report on Thursday, May 30th. Johnson Rice cut shares of Pioneer Energy Services from an accumulate rating to a hold rating in a research report on Thursday. Finally, Piper Jaffray Companies cut shares of Pioneer Energy Services from an overweight rating to a neutral rating in a research report on Thursday, June 27th. Nine analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $2.42.

Shares of Pioneer Energy Services stock opened at $0.11 on Friday. The firm has a fifty day moving average of $0.21 and a two-hundred day moving average of $1.08. The stock has a market capitalization of $8.32 million, a price-to-earnings ratio of -0.20 and a beta of 3.23. Pioneer Energy Services has a 52 week low of $0.16 and a 52 week high of $3.65. The company has a debt-to-equity ratio of 3.42, a quick ratio of 1.79 and a current ratio of 2.01.

Pioneer Energy Services (NYSE:PES) last released its quarterly earnings data on Wednesday, July 31st. The oil and gas company reported ($0.15) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.15). Pioneer Energy Services had a negative net margin of 8.09% and a negative return on equity of 26.26%. The business had revenue of $152.84 million during the quarter, compared to analysts’ expectations of $151.43 million. As a group, research analysts forecast that Pioneer Energy Services will post -0.59 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA boosted its stake in shares of Pioneer Energy Services by 92.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 16,993 shares of the oil and gas company’s stock worth $30,000 after buying an additional 8,184 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Pioneer Energy Services by 60.4% during the 1st quarter. SG Americas Securities LLC now owns 32,923 shares of the oil and gas company’s stock worth $58,000 after buying an additional 12,392 shares during the last quarter. Crossvault Capital Management LLC acquired a new position in shares of Pioneer Energy Services during the 1st quarter worth about $64,000. Everence Capital Management Inc. boosted its stake in shares of Pioneer Energy Services by 133.0% during the 1st quarter. Everence Capital Management Inc. now owns 83,910 shares of the oil and gas company’s stock worth $149,000 after buying an additional 47,890 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of Pioneer Energy Services during the 2nd quarter worth about $60,000. Hedge funds and other institutional investors own 70.29% of the company’s stock.

About Pioneer Energy Services

Pioneer Energy Services Corp. provides land-based drilling and production services to oil and gas exploration and production companies. It provides contract land drilling services in the Marcellus/Utica, Permian Basin and Eagle Ford, and Bakken regions, as well as in Colombia. The company operates 16 AC rigs in the United States and 8 SCR rigs in Colombia.

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