Royce & Associates LP reduced its stake in Tesco Co. (NASDAQ:TESO) by 93.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 58,000 shares of the oil and gas company’s stock after selling 819,196 shares during the period. Royce & Associates LP owned 0.12% of Tesco worth $316,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the business. Texas Permanent School Fund increased its holdings in shares of Tesco by 0.8% in the second quarter. Texas Permanent School Fund now owns 34,112 shares of the oil and gas company’s stock valued at $152,000 after purchasing an additional 286 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Tesco by 1.6% in the second quarter. Rhumbline Advisers now owns 93,642 shares of the oil and gas company’s stock valued at $417,000 after purchasing an additional 1,435 shares during the last quarter. Citigroup Inc. increased its holdings in shares of Tesco by 6.6% in the second quarter. Citigroup Inc. now owns 38,854 shares of the oil and gas company’s stock valued at $172,000 after purchasing an additional 2,404 shares during the last quarter. Aperio Group LLC increased its holdings in shares of Tesco by 7.4% in the second quarter. Aperio Group LLC now owns 35,442 shares of the oil and gas company’s stock valued at $158,000 after purchasing an additional 2,455 shares during the last quarter. Finally, Voya Investment Management LLC increased its holdings in shares of Tesco by 25.9% in the second quarter. Voya Investment Management LLC now owns 24,546 shares of the oil and gas company’s stock valued at $109,000 after purchasing an additional 5,046 shares during the last quarter. Hedge funds and other institutional investors own 87.10% of the company’s stock.
Several equities analysts have commented on TESO shares. Goldman Sachs Group upgraded shares of Tesco from a “neutral” rating to a “buy” rating in a report on Monday, December 4th. Zacks Investment Research upgraded shares of Tesco from a “sell” rating to a “hold” rating in a report on Thursday, November 30th. ValuEngine downgraded shares of Tesco from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Cowen set a $5.00 price target on shares of Tesco and gave the company a “hold” rating in a research note on Friday, October 6th. Finally, B. Riley restated a “buy” rating on shares of Tesco in a research note on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $6.00.
Tesco (NASDAQ:TESO) last released its quarterly earnings results on Tuesday, November 7th. The oil and gas company reported ($0.20) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.01. Tesco had a negative net margin of 38.60% and a negative return on equity of 16.27%. The business had revenue of $40.50 million for the quarter, compared to the consensus estimate of $43.24 million. During the same period in the prior year, the company posted ($0.37) earnings per share. Tesco’s revenue was up 33.2% compared to the same quarter last year. equities research analysts forecast that Tesco Co. will post -0.94 EPS for the current fiscal year.
In related news, CEO Fernando Rafael Assing sold 7,146 shares of the company’s stock in a transaction dated Tuesday, December 5th. The shares were sold at an average price of $4.20, for a total value of $30,013.20. Following the transaction, the chief executive officer now directly owns 164,247 shares in the company, valued at $689,837.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 40,633 shares of company stock worth $161,340 over the last 90 days. 1.70% of the stock is currently owned by corporate insiders.
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Tesco Company Profile
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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