ValuEngine Downgrades Pioneer Energy Services Corp. (PES) to Strong Sell

ValuEngine downgraded shares of Pioneer Energy Services Corp. (NYSE:PES) from a sell rating to a strong sell rating in a research note issued to investors on Thursday, June 8th.

Several other brokerages have also recently weighed in on PES. Zacks Investment Research cut Pioneer Energy Services Corp. from a buy rating to a hold rating in a report on Tuesday, April 11th. Jefferies Group LLC reiterated a buy rating and set a $6.00 price target on shares of Pioneer Energy Services Corp. in a report on Wednesday, March 22nd. Scotiabank reiterated a hold rating and set a $7.00 price target on shares of Pioneer Energy Services Corp. in a report on Wednesday, March 22nd. Finally, Deutsche Bank AG reiterated a hold rating and set a $6.00 price target (down previously from $7.00) on shares of Pioneer Energy Services Corp. in a report on Tuesday, May 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. Pioneer Energy Services Corp. presently has an average rating of Buy and an average price target of $6.00.

Shares of Pioneer Energy Services Corp. (PES) opened at 2.20 on Thursday. Pioneer Energy Services Corp. has a 12-month low of $2.00 and a 12-month high of $7.20. The firm has a 50-day moving average price of $2.63 and a 200 day moving average price of $4.66. The firm’s market cap is $169.56 million.

Pioneer Energy Services Corp. (NYSE:PES) last released its earnings results on Tuesday, May 2nd. The oil and gas company reported ($0.20) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.22) by $0.02. The firm had revenue of $95.80 million during the quarter, compared to analysts’ expectations of $89.09 million. Pioneer Energy Services Corp. had a negative return on equity of 28.76% and a negative net margin of 42.24%. The company’s revenue was up 27.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.30) EPS. On average, equities research analysts anticipate that Pioneer Energy Services Corp. will post ($0.64) earnings per share for the current fiscal year.

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In other news, CEO Stacy Locke bought 25,000 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The shares were acquired at an average price of $2.74 per share, for a total transaction of $68,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 961,267 shares in the company, valued at $2,633,871.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.69% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in PES. Public Employees Retirement System of Ohio raised its position in Pioneer Energy Services Corp. by 7.2% in the first quarter. Public Employees Retirement System of Ohio now owns 79,168 shares of the oil and gas company’s stock valued at $317,000 after buying an additional 5,305 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Pioneer Energy Services Corp. by 49.3% in the first quarter. Goldman Sachs Group Inc. now owns 555,766 shares of the oil and gas company’s stock valued at $2,223,000 after buying an additional 183,540 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Pioneer Energy Services Corp. during the first quarter valued at $7,571,000. Tudor Investment Corp ET AL raised its position in shares of Pioneer Energy Services Corp. by 10.0% in the first quarter. Tudor Investment Corp ET AL now owns 56,555 shares of the oil and gas company’s stock valued at $226,000 after buying an additional 5,123 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its position in shares of Pioneer Energy Services Corp. by 9.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 59,160 shares of the oil and gas company’s stock valued at $237,000 after buying an additional 5,206 shares in the last quarter. Institutional investors and hedge funds own 81.96% of the company’s stock.

Pioneer Energy Services Corp. 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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