Tesco Corporation (TESO) Position Cut by Comerica Bank
Comerica Bank trimmed its stake in Tesco Corporation (NASDAQ:TESO) by 5.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 48,678 shares of the oil and gas company’s stock after selling 2,758 shares during the quarter. Comerica Bank owned about 0.10% of Tesco Corporation worth $209,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Tesco Corporation by 1.8% in the first quarter. Vanguard Group Inc. now owns 4,143,095 shares of the oil and gas company’s stock valued at $33,352,000 after purchasing an additional 72,918 shares during the period. Dimensional Fund Advisors LP grew its holdings in Tesco Corporation by 4.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,729,879 shares of the oil and gas company’s stock valued at $21,975,000 after purchasing an additional 105,965 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Tesco Corporation by 33.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 643,505 shares of the oil and gas company’s stock worth $5,180,000 after buying an additional 161,513 shares during the period. Bank of New York Mellon Corp grew its stake in Tesco Corporation by 7.1% during the second quarter. Bank of New York Mellon Corp now owns 643,469 shares of the oil and gas company’s stock worth $2,864,000 after buying an additional 42,690 shares during the period. Finally, Foundry Partners LLC grew its stake in Tesco Corporation by 79.3% during the second quarter. Foundry Partners LLC now owns 502,495 shares of the oil and gas company’s stock worth $2,236,000 after buying an additional 222,300 shares during the period. Hedge funds and other institutional investors own 91.12% of the company’s stock.
Shares of Tesco Corporation (TESO) opened at 5.45 on Friday. The stock’s market capitalization is $254.81 million. Tesco Corporation has a 1-year low of $3.70 and a 1-year high of $9.65. The firm’s 50-day moving average is $4.48 and its 200 day moving average is $5.44.
Tesco Corporation (NASDAQ:TESO) last released its quarterly earnings data on Tuesday, August 8th. The oil and gas company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Tesco Corporation had a negative return on equity of 18.21% and a negative net margin of 47.72%. The firm had revenue of $40.10 million during the quarter, compared to analyst estimates of $41.01 million. During the same quarter in the prior year, the company posted ($0.39) EPS. The company’s quarterly revenue was up 19.3% on a year-over-year basis. On average, analysts expect that Tesco Corporation will post ($0.94) EPS for the current fiscal year.
TESO has been the subject of several research reports. Zacks Investment Research upgraded shares of Tesco Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, September 6th. Cowen and Company decreased their price objective on shares of Tesco Corporation from $9.00 to $6.00 and set a “market perform” rating for the company in a research note on Monday, June 5th. ValuEngine downgraded shares of Tesco Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Seaport Global Securities reiterated a “neutral” rating on shares of Tesco Corporation in a research note on Wednesday, August 9th. Finally, FBR & Co set a $7.00 price objective on shares of Tesco Corporation and gave the stock a “buy” rating in a research note on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $6.50.
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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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