Pioneer Energy Services Corp. (NYSE:PES) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $7.50 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 21.95% from the stock’s current price.

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. Seaport Global Securities raised Pioneer Energy Services Corp. from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a research note on Friday, September 30th. Raymond James Financial, Inc. raised Pioneer Energy Services Corp. from an “underperform” rating to a “market perform” rating in a research note on Wednesday, November 2nd. DA Davidson reissued a “buy” rating and issued a $5.00 price objective on shares of Pioneer Energy Services Corp. in a research note on Wednesday, November 9th. Goldman Sachs Group, Inc. (The) raised Pioneer Energy Services Corp. from a “neutral” rating to a “buy” rating in a research note on Friday, December 16th. Finally, Wunderlich raised Pioneer Energy Services Corp. from a “hold” rating to a “buy” rating and increased their price objective for the stock from $5.00 to $7.00 in a research note on Monday, December 12th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $4.48.

Analyst Recommendations for Pioneer Energy Services Corp. (NYSE:PES)

Pioneer Energy Services Corp. (NYSE:PES) opened at 6.15 on Wednesday. The stock has a 50 day moving average price of $6.13 and a 200 day moving average price of $4.41. Pioneer Energy Services Corp. has a 1-year low of $0.95 and a 1-year high of $7.20. The stock’s market cap is $399.16 million.

Pioneer Energy Services Corp. (NYSE:PES) last announced its quarterly earnings data on Tuesday, November 1st. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.04. Pioneer Energy Services Corp. had a negative return on equity of 24.83% and a negative net margin of 45.35%. The company had revenue of $68.40 million for the quarter, compared to analysts’ expectations of $63.11 million. During the same quarter in the prior year, the firm earned ($0.25) earnings per share. Pioneer Energy Services Corp.’s revenue was down 36.4% compared to the same quarter last year. On average, analysts predict that Pioneer Energy Services Corp. will post ($1.21) EPS for the current fiscal year.

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Several hedge funds have recently modified their holdings of the stock. BlackRock Advisors LLC raised its stake in shares of Pioneer Energy Services Corp. by 28.3% in the second quarter. BlackRock Advisors LLC now owns 34,400 shares of the company’s stock valued at $158,000 after buying an additional 7,579 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Pioneer Energy Services Corp. by 1,226.8% in the second quarter. Tower Research Capital LLC TRC now owns 23,882 shares of the company’s stock valued at $110,000 after buying an additional 22,082 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Pioneer Energy Services Corp. by 58.6% in the second quarter. Principal Financial Group Inc. now owns 1,302,657 shares of the company’s stock valued at $5,992,000 after buying an additional 481,461 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Pioneer Energy Services Corp. by 2.5% in the second quarter. Prudential Financial Inc. now owns 193,111 shares of the company’s stock worth $888,000 after buying an additional 4,660 shares during the period. Finally, AJO LP purchased a new position in shares of Pioneer Energy Services Corp. during the second quarter worth about $1,003,000. Hedge funds and other institutional investors own 61.44% of the company’s stock.

Pioneer Energy Services Corp. Company Profile

Pioneer Energy Services Corp. provides land-based drilling services and production services to oil and gas exploration, and production companies in the United States and internationally in Colombia. The Company operates through two segments: Drilling Services and Production Services. The Drilling Services Segment provides contract land drilling services to a group of exploration and production companies through its four drilling divisions in the United States, and internationally in Colombia.

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