Pioneer Energy Services Corp. (PES) Stock Rating Lowered 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 report published on Wednesday, July 12th.

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 research analysts have also weighed in on PES. Jefferies Group LLC reissued a buy rating and issued a $6.00 price objective on shares of Pioneer Energy Services Corp. in a report on Wednesday, March 22nd. ValuEngine lowered Pioneer Energy Services Corp. from a sell rating to a strong sell rating in a report on Thursday, June 8th. Deutsche Bank AG reaffirmed a hold rating and set a $6.00 target price (down from $7.00) on shares of Pioneer Energy Services Corp. in a report on Tuesday, May 30th. Seaport Global Securities lowered Pioneer Energy Services Corp. from a buy rating to a neutral rating and dropped their target price for the stock from $4.50 to $2.00 in a report on Wednesday, June 21st. Finally, Scotiabank reaffirmed a hold rating and set a $7.00 target price on shares of Pioneer Energy Services Corp. in a report on Wednesday, March 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $5.19.

Pioneer Energy Services Corp. (NYSE:PES) opened at 2.05 on Wednesday. The stock’s market capitalization is $158.62 million. The firm has a 50-day moving average price of $2.16 and a 200 day moving average price of $3.58. Pioneer Energy Services Corp. has a 12 month low of $1.70 and a 12 month high of $7.20.

Pioneer Energy Services Corp. (NYSE:PES) last announced its quarterly earnings data on Tuesday, August 1st. The oil and gas company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by $0.03. The firm had revenue of $107.13 million during the quarter, compared to analyst estimates 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 firm’s revenue for the quarter was up 72.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.30) earnings per share. Equities analysts anticipate that Pioneer Energy Services Corp. will post ($0.66) earnings per share for the current year.

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In other Pioneer Energy Services Corp. news, CEO Stacy Locke purchased 25,000 shares of the stock in a transaction on Thursday, May 25th. The shares were bought at an average price of $2.74 per share, for a total transaction of $68,500.00. Following the completion of the transaction, the chief executive officer now owns 961,267 shares of the company’s stock, valued at approximately $2,633,871.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.05% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of Pioneer Energy Services Corp. by 19.0% in the first quarter. Dimensional Fund Advisors LP now owns 6,549,757 shares of the oil and gas company’s stock worth $26,199,000 after buying an additional 1,044,979 shares in the last quarter. Van Den Berg Management I Inc. increased its position in Pioneer Energy Services Corp. by 104.1% in the first quarter. Van Den Berg Management I Inc. now owns 4,105,301 shares of the oil and gas company’s stock valued at $16,421,000 after buying an additional 2,094,010 shares during the period. Vanguard Group Inc. increased its position in Pioneer Energy Services Corp. 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 buying an additional 134,045 shares during the period. Franklin Resources Inc. increased its position in Pioneer Energy Services Corp. 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 buying an additional 1,410,000 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in Pioneer Energy Services Corp. during the first quarter valued at $7,571,000. Institutional investors own 80.27% of the company’s stock.

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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