Ameriprise Financial Inc. increased its position in shares of Tesco Corporation (NASDAQ:TESO) by 23.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 307,132 shares of the oil and gas company’s stock after buying an additional 58,523 shares during the quarter. Ameriprise Financial Inc. owned about 0.66% of Tesco Corporation worth $1,367,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the stock. TIAA CREF Investment Management LLC grew its stake in Tesco Corporation by 41.9% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 212,064 shares of the oil and gas company’s stock worth $944,000 after buying an additional 62,636 shares during the last quarter. Alliancebernstein L.P. grew its stake in Tesco Corporation by 20.7% during the 2nd quarter. Alliancebernstein L.P. now owns 56,010 shares of the oil and gas company’s stock worth $249,000 after buying an additional 9,600 shares during the last quarter. Royce & Associates LP grew its stake in Tesco Corporation by 32.5% during the 2nd quarter. Royce & Associates LP now owns 877,196 shares of the oil and gas company’s stock worth $3,904,000 after buying an additional 215,400 shares during the last quarter. Virginia Retirement Systems ET AL purchased a new position in Tesco Corporation during the 2nd quarter worth approximately $105,000. Finally, Tocqueville Asset Management L.P. purchased a new position in Tesco Corporation during the 2nd quarter worth approximately $2,193,000. Hedge funds and other institutional investors own 79.22% of the company’s stock.
In other news, CEO Fernando Rafael Assing sold 9,293 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $3.80, for a total value of $35,313.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 19,568 shares of company stock valued at $74,212 over the last three months. Insiders own 1.70% of the company’s stock.
Tesco Corporation (NASDAQ TESO) traded down $0.10 on Tuesday, hitting $3.85. The stock had a trading volume of 324,404 shares, compared to its average volume of 418,155. Tesco Corporation has a 1-year low of $3.60 and a 1-year high of $9.65.
Tesco Corporation (NASDAQ:TESO) last posted its quarterly earnings results on Tuesday, November 7th. The oil and gas company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. The business had revenue of $40.50 million during the quarter, compared to analysts’ expectations of $43.24 million. Tesco Corporation had a negative return on equity of 16.27% and a negative net margin of 38.60%. The company’s quarterly revenue was up 33.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.37) EPS. sell-side analysts anticipate that Tesco Corporation will post -0.94 earnings per share for the current fiscal year.
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A number of analysts have weighed in on TESO shares. Zacks Investment Research cut Tesco Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Seaport Global Securities reaffirmed a “neutral” rating on shares of Tesco Corporation in a research report on Wednesday, August 9th. FBR & Co set a $7.00 price objective on Tesco Corporation and gave the stock a “buy” rating in a research report on Wednesday, August 16th. ValuEngine cut Tesco Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Finally, Cowen and Company set a $5.00 price objective on Tesco Corporation and gave the stock a “hold” rating in a research report on Friday, October 6th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $6.00.
Tesco Corporation Company Profile
Tesco Corporation is a provider of technology-based solutions for drilling, servicing and completion of wells for the upstream energy industry. The Company’s operations consist of top drives and automated pipe handling equipment sales and rentals; aftermarket sales and services, and tubular services, including related products and accessories sales.
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