Tesco Corporation (NASDAQ:TESO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Tesco Corporation is engaged in the designing, manufacturing and service delivery of technology-based solutions for the upstream energy industry. The Company’s product and service include equipment sales and services to drilling contractors and oil and gas operating companies. It operates in three segments, Top Drive, Tubular Services, and CASING DRILLING. Tesco Corporation is headquartered in Houston, Texas. “
A number of other analysts also recently weighed in on the stock. Cowen and Company set a $5.00 target price on shares of Tesco Corporation and gave the stock a “hold” rating in a research report on Friday, October 6th. ValuEngine downgraded shares of Tesco Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. FBR & Co set a $7.00 target price on shares of Tesco Corporation and gave the stock a “buy” rating in a research report on Wednesday, August 16th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Tesco Corporation in a research report on Wednesday, August 9th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $6.00.
Shares of Tesco Corporation (NASDAQ:TESO) traded up 1.30% on Wednesday, reaching $3.90. 57,189 shares of the company traded hands. The stock’s 50 day moving average price is $4.92 and its 200-day moving average price is $4.85. The stock’s market capitalization is $182.34 million. Tesco Corporation has a one year low of $3.60 and a one year high of $9.65.
Tesco Corporation (NASDAQ:TESO) last released its earnings results on Tuesday, August 8th. The oil and gas company reported ($0.25) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.24) by ($0.01). The business had revenue of $40.10 million during the quarter, compared to analysts’ expectations of $41.01 million. Tesco Corporation had a negative return on equity of 18.21% and a negative net margin of 47.72%. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.39) earnings per share. Equities analysts forecast that Tesco Corporation will post ($0.94) earnings per share for the current fiscal year.
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A number of institutional investors have recently made changes to their positions in TESO. FMR LLC boosted its stake in Tesco Corporation by 9.8% in the 2nd quarter. FMR LLC now owns 7,008,221 shares of the oil and gas company’s stock worth $31,187,000 after purchasing an additional 624,404 shares in the last quarter. Tocqueville Asset Management L.P. bought a new position in Tesco Corporation in the 2nd quarter worth about $2,193,000. Dimensional Fund Advisors LP boosted its stake in Tesco Corporation by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,993,039 shares of the oil and gas company’s stock worth $13,319,000 after purchasing an additional 263,160 shares in the last quarter. Foundry Partners LLC boosted its stake in Tesco Corporation by 79.3% in the 2nd quarter. Foundry Partners LLC now owns 502,495 shares of the oil and gas company’s stock worth $2,236,000 after purchasing an additional 222,300 shares in the last quarter. Finally, Royce & Associates LP boosted its stake in Tesco Corporation by 32.5% in the 2nd quarter. Royce & Associates LP now owns 877,196 shares of the oil and gas company’s stock worth $3,904,000 after purchasing an additional 215,400 shares in the last quarter. Institutional investors own 90.36% of the company’s stock.
About Tesco Corporation
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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