Wells Fargo & Company Downgrades Pioneer Energy Services Corp. (NYSE:PES) to Market Perform

Wells Fargo & Company lowered shares of Pioneer Energy Services Corp. (NYSE:PES) from an outperform rating to a market perform rating in a research note released on Monday, October 16th, Marketbeat.com reports.

A number of other research analysts have also weighed in on the company. Goldman Sachs Group, Inc. (The) lowered Pioneer Energy Services Corp. from a buy rating to a neutral rating in a research report on Thursday, October 12th. Zacks Investment Research lowered Pioneer Energy Services Corp. from a buy rating to a hold rating in a research report on Saturday, October 7th. Imperial Capital began coverage on Pioneer Energy Services Corp. in a research report on Wednesday, October 4th. They issued an in-line rating and a $3.00 price target for the company. ValuEngine lowered Pioneer Energy Services Corp. from a sell rating to a strong sell rating in a research report on Friday, September 1st. Finally, Seaport Global Securities reiterated a neutral rating on shares of Pioneer Energy Services Corp. in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. Pioneer Energy Services Corp. currently has an average rating of Hold and an average price target of $5.03.

Shares of Pioneer Energy Services Corp. (NYSE PES) opened at 1.85 on Monday. The company’s 50 day moving average price is $2.22 and its 200 day moving average price is $2.40. The company’s market capitalization is $143.15 million. Pioneer Energy Services Corp. has a 12 month low of $1.60 and a 12 month high of $7.20.

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

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A number of large investors have recently modified their holdings of the stock. BlueCrest Capital Management Ltd raised its stake in Pioneer Energy Services Corp. by 532.0% in the second quarter. BlueCrest Capital Management Ltd now owns 76,328 shares of the oil and gas company’s stock worth $156,000 after buying an additional 64,251 shares in the last quarter. Macquarie Group Ltd. raised its stake in Pioneer Energy Services Corp. by 76.0% in the second quarter. Macquarie Group Ltd. now owns 2,058,478 shares of the oil and gas company’s stock worth $4,220,000 after buying an additional 889,179 shares in the last quarter. Balyasny Asset Management LLC raised its stake in Pioneer Energy Services Corp. 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 worth $4,281,000 after buying an additional 1,662,241 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in Pioneer Energy Services Corp. by 17.3% in the second quarter. Parametric Portfolio Associates LLC now owns 506,420 shares of the oil and gas company’s stock worth $1,038,000 after buying an additional 74,725 shares in the last quarter. Finally, FMR LLC bought a new position in Pioneer Energy Services Corp. in the second quarter worth approximately $1,584,000. 73.94% of the stock is owned by institutional investors.

About Pioneer Energy Services Corp.

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.

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

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