Pioneer Energy Services (PES) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Pioneer Energy Services (NYSE:PES) from a hold rating to a buy rating in a report published on Thursday. The brokerage currently has $4.00 price target on the oil and gas company’s stock.

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. “

PES has been the topic of a number of other research reports. Imperial Capital started coverage on shares of Pioneer Energy Services in a research note on Wednesday, October 4th. They set an in-line rating and a $3.00 price target on the stock. Wells Fargo & Co downgraded shares of Pioneer Energy Services from an outperform rating to a market perform rating in a research note on Monday, October 16th. Goldman Sachs Group downgraded shares of Pioneer Energy Services from a buy rating to a neutral rating in a research note on Thursday, October 12th. ValuEngine raised shares of Pioneer Energy Services from a strong sell rating to a sell rating in a research note on Thursday, January 4th. Finally, Seaport Global Securities raised shares of Pioneer Energy Services from a neutral rating to a buy rating in a research note on Wednesday, December 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $4.53.

Pioneer Energy Services (PES) remained flat at $$3.70 during trading on Thursday. 785,586 shares of the company’s stock were exchanged, compared to its average volume of 1,072,802. The company has a market cap of $287.56, a PE ratio of -2.76 and a beta of 2.92. The company has a quick ratio of 1.61, a current ratio of 1.75 and a debt-to-equity ratio of 1.77. Pioneer Energy Services has a twelve month low of $1.60 and a twelve month high of $6.65.

Pioneer Energy Services (NYSE:PES) last released its quarterly earnings results on Thursday, November 2nd. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.01). The business had revenue of $117.28 million for the quarter, compared to analysts’ expectations of $114.82 million. Pioneer Energy Services had a negative net margin of 25.19% and a negative return on equity of 26.46%. Pioneer Energy Services’s revenue for the quarter was up 71.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.29) EPS. analysts anticipate that Pioneer Energy Services will post -0.68 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Van Den Berg Management I Inc. raised its stake in shares of Pioneer Energy Services by 3.0% in the third quarter. Van Den Berg Management I Inc. now owns 6,918,334 shares of the oil and gas company’s stock valued at $17,642,000 after acquiring an additional 204,335 shares during the period. Vanguard Group Inc. raised its stake in shares of Pioneer Energy Services by 3.7% in the second quarter. Vanguard Group Inc. now owns 3,797,501 shares of the oil and gas company’s stock valued at $7,785,000 after acquiring an additional 134,045 shares during the period. Macquarie Group Ltd. raised its stake in shares of Pioneer Energy Services by 67.1% in the third quarter. Macquarie Group Ltd. now owns 3,440,687 shares of the oil and gas company’s stock valued at $8,774,000 after acquiring an additional 1,382,209 shares during the period. Franklin Resources Inc. raised its stake in shares of Pioneer Energy Services 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 acquiring an additional 1,410,000 shares during the period. Finally, Balyasny Asset Management LLC raised its stake in shares of Pioneer Energy Services 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 valued at $4,281,000 after acquiring an additional 1,662,241 shares during the period. 73.57% of the stock is currently owned by institutional investors and hedge funds.

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Pioneer Energy Services 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.

Analyst Recommendations for Pioneer Energy Services (NYSE:PES)

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