Tesco Corp. (NASDAQ:TESO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $9.50 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 15.85% from the company’s current price.
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. “
Other equities research analysts have also issued research reports about the stock. HSBC reissued a “hold” rating on shares of Tesco Corp. in a report on Monday. Seaport Global Securities reissued a “neutral” rating on shares of Tesco Corp. in a report on Friday, August 19th. Barclays PLC reissued a “buy” rating on shares of Tesco Corp. in a report on Monday, September 26th. Finally, FBR & Co set a $9.00 price target on shares of Tesco Corp. and gave the stock a “buy” rating in a report on Wednesday, August 10th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $9.13.
Shares of Tesco Corp. (NASDAQ:TESO) opened at 8.20 on Wednesday. The stock has a 50 day moving average of $7.56 and a 200 day moving average of $7.50. Tesco Corp. has a 12-month low of $5.12 and a 12-month high of $9.77. The company’s market cap is $380.50 million.
Tesco Corp. (NASDAQ:TESO) last issued its quarterly earnings results on Tuesday, August 9th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.03. The company earned $33.60 million during the quarter, compared to analyst estimates of $32.48 million. Tesco Corp. had a negative net margin of 95.07% and a negative return on equity of 15.93%. The firm’s revenue was down 54.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.21) EPS. Equities research analysts predict that Tesco Corp. will post ($1.53) earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the company. Profund Advisors LLC raised its stake in Tesco Corp. by 21.7% in the second quarter. Profund Advisors LLC now owns 15,406 shares of the company’s stock worth $103,000 after buying an additional 2,748 shares during the last quarter. Citadel Advisors LLC acquired a new stake in Tesco Corp. during the second quarter worth about $109,000. Louisiana State Employees Retirement System raised its stake in Tesco Corp. by 17.8% in the second quarter. Louisiana State Employees Retirement System now owns 20,500 shares of the company’s stock worth $137,000 after buying an additional 3,100 shares during the last quarter. Arizona State Retirement System raised its stake in Tesco Corp. by 19.3% in the second quarter. Arizona State Retirement System now owns 24,070 shares of the company’s stock worth $161,000 after buying an additional 3,900 shares during the last quarter. Finally, Stevens Capital Management LP acquired a new stake in Tesco Corp. during the second quarter worth about $165,000. 94.87% of the stock is owned by institutional investors and hedge funds.
Tesco Corp. Company Profile
Tesco Corporation is engaged in designing, assembly and service delivery of technology-based solutions for the upstream energy industry. The Company’s product and service offerings consist primarily of equipment sales and services to drilling contractors, and exploration and production companies around the world.
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