Pioneer Energy Services Corp. (PES) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Pioneer Energy Services Corp. (NYSE:PES) from a buy rating to a hold rating in a research note published on Saturday morning.

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 equities analysts have also recently commented on the company. Imperial Capital began coverage on Pioneer Energy Services Corp. in a report on Wednesday, October 4th. They set an in-line rating and a $3.00 target price for the company. ValuEngine cut Pioneer Energy Services Corp. from a sell rating to a strong sell rating in a report on Friday, September 1st. Seaport Global Securities reissued a neutral rating on shares of Pioneer Energy Services Corp. in a report on Wednesday, August 2nd. Finally, Piper Jaffray Companies reissued a buy rating and set a $2.75 target price on shares of Pioneer Energy Services Corp. in a report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $5.03.

Shares of Pioneer Energy Services Corp. (NYSE:PES) opened at 2.25 on Friday. The firm has a 50-day moving average price of $2.15 and a 200-day moving average price of $2.54. The company’s market cap is $174.10 million. Pioneer Energy Services Corp. has a 1-year low of $1.60 and a 1-year high of $7.20.

Pioneer Energy Services Corp. (NYSE:PES) last announced its earnings results on Tuesday, August 1st. The oil and gas company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.03). Pioneer Energy Services Corp. had a negative net margin of 33.86% and a negative return on equity of 28.63%. The firm had revenue of $107.13 million for the quarter, compared to analyst estimates of $105.23 million. During the same period in the previous year, the company earned ($0.30) EPS. Pioneer Energy Services Corp.’s revenue was up 72.0% compared to the same quarter last year. On average, equities analysts expect that Pioneer Energy Services Corp. will post ($0.66) EPS for the current year.

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Several large investors have recently bought and sold shares of PES. Texas Permanent School Fund increased its holdings in shares of Pioneer Energy Services Corp. by 0.8% in the second quarter. Texas Permanent School Fund now owns 56,423 shares of the oil and gas company’s stock valued at $116,000 after purchasing an additional 472 shares during the last quarter. AXA acquired a new stake in shares of Pioneer Energy Services Corp. in the first quarter valued at approximately $118,000. Citigroup Inc. increased its holdings in shares of Pioneer Energy Services Corp. by 230.7% in the second quarter. Citigroup Inc. now owns 63,848 shares of the oil and gas company’s stock valued at $131,000 after purchasing an additional 44,541 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Pioneer Energy Services Corp. in the first quarter valued at approximately $138,000. Finally, BlueCrest Capital Management Ltd increased its holdings in shares of 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 valued at $156,000 after purchasing an additional 64,251 shares during the last quarter. 73.95% of the stock is owned by hedge funds and other 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.

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