Pioneer Energy Services (NYSE:PES) Rating Lowered to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of Pioneer Energy Services (NYSE:PES) from a hold rating to a sell rating in a report published on Friday morning, Zacks.com reports.

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. “

PES has been the topic of several other research reports. Piper Jaffray Companies downgraded Pioneer Energy Services from an overweight rating to a neutral rating in a report on Thursday, June 27th. ValuEngine raised Pioneer Energy Services from a sell rating to a hold rating in a research report on Thursday, August 1st. Finally, Imperial Capital reduced their price objective on Pioneer Energy Services from $2.00 to $1.00 and set an in-line rating for the company in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The company has an average rating of Hold and an average price target of $2.42.

Shares of PES stock opened at $0.18 on Friday. Pioneer Energy Services has a 12 month low of $0.18 and a 12 month high of $3.65. The company has a debt-to-equity ratio of 3.42, a quick ratio of 1.80 and a current ratio of 2.01. The company’s 50 day moving average is $0.24. The firm has a market capitalization of $15.23 million, a P/E ratio of -0.35 and a beta of 3.23.

Pioneer Energy Services (NYSE:PES) last announced its quarterly earnings results on Wednesday, July 31st. The oil and gas company reported ($0.15) EPS for the quarter, meeting the consensus estimate of ($0.15). Pioneer Energy Services had a negative return on equity of 26.26% and a negative net margin of 8.09%. The company had revenue of $152.84 million for the quarter, compared to the consensus estimate of $151.43 million. On average, sell-side analysts expect that Pioneer Energy Services will post -0.55 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan bought a new stake in shares of Pioneer Energy Services in the fourth quarter valued at approximately $308,000. Mackay Shields LLC bought a new stake in shares of Pioneer Energy Services in the fourth quarter valued at approximately $44,000. Everence Capital Management Inc. boosted its position in shares of Pioneer Energy Services by 133.0% in the first quarter. Everence Capital Management Inc. now owns 83,910 shares of the oil and gas company’s stock valued at $149,000 after acquiring an additional 47,890 shares during the period. Macquarie Group Ltd. boosted its position in shares of Pioneer Energy Services by 17.4% in the fourth quarter. Macquarie Group Ltd. now owns 6,783,848 shares of the oil and gas company’s stock valued at $8,344,000 after acquiring an additional 1,004,338 shares during the period. Finally, BlackRock Inc. boosted its position in shares of Pioneer Energy Services by 1.4% in the fourth quarter. BlackRock Inc. now owns 11,327,120 shares of the oil and gas company’s stock valued at $13,932,000 after acquiring an additional 151,504 shares during the period. 71.76% of the stock is owned by institutional investors.

About Pioneer Energy Services

Pioneer Energy Services Corp. provides land-based drilling and production services to oil and gas exploration and production companies. It provides contract land drilling services in the Marcellus/Utica, Permian Basin and Eagle Ford, and Bakken regions, as well as in Colombia. The company operates 16 AC rigs in the United States and 8 SCR rigs in Colombia.

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