Zacks Investment Research upgraded shares of Pioneer Energy Services Corp. (NYSE:PES) from a hold rating to a buy rating in a research report released on Wednesday. Zacks Investment Research currently has $3.00 target price on the oil and gas company’s stock.

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. “

A number of other research analysts also recently commented on the company. Seaport Global Securities downgraded Pioneer Energy Services Corp. from a buy rating to a neutral rating and lowered their price objective for the stock from $4.50 to $2.00 in a research note on Wednesday, June 21st. ValuEngine downgraded Pioneer Energy Services Corp. from a sell rating to a strong sell rating in a research note on Friday, September 1st. Piper Jaffray Companies restated a buy rating and set a $2.75 price objective on shares of Pioneer Energy Services Corp. in a research note on Thursday, August 3rd. Finally, Imperial Capital started coverage on Pioneer Energy Services Corp. in a research note on Wednesday. They set an in-line rating and a $3.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $5.03.

Pioneer Energy Services Corp. (NYSE PES) traded down 4.00% during trading on Wednesday, reaching $2.40. 545,180 shares of the company were exchanged. The stock’s market capitalization is $185.70 million. Pioneer Energy Services Corp. has a 52-week low of $1.60 and a 52-week high of $7.20. The firm’s 50 day moving average is $2.13 and its 200 day moving average is $2.59.

Pioneer Energy Services Corp. (NYSE:PES) last issued its quarterly earnings data on Tuesday, August 1st. The oil and gas company reported ($0.21) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.03). The company had revenue of $107.13 million for the quarter, compared to the consensus estimate of $105.23 million. Pioneer Energy Services Corp. had a negative return on equity of 28.63% and a negative net margin of 33.86%. Pioneer Energy Services Corp.’s quarterly revenue was up 72.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.30) earnings per share. Analysts expect that Pioneer Energy Services Corp. will post ($0.66) EPS for the current year.

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Several large investors have recently added to or reduced their stakes in the company. Texas Permanent School Fund grew its stake in shares of Pioneer Energy Services Corp. by 0.8% in the second quarter. Texas Permanent School Fund now owns 56,423 shares of the oil and gas company’s stock worth $116,000 after purchasing an additional 472 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Pioneer Energy Services Corp. by 0.7% in the first quarter. Prudential Financial Inc. now owns 169,106 shares of the oil and gas company’s stock worth $676,000 after purchasing an additional 1,160 shares in the last quarter. Comerica Bank grew its stake in shares of Pioneer Energy Services Corp. by 4.5% in the first quarter. Comerica Bank now owns 85,152 shares of the oil and gas company’s stock worth $272,000 after purchasing an additional 3,682 shares in the last quarter. Tudor Investment Corp ET AL grew its stake in shares of Pioneer Energy Services Corp. by 10.0% in the first quarter. Tudor Investment Corp ET AL now owns 56,555 shares of the oil and gas company’s stock worth $226,000 after purchasing an additional 5,123 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its stake in shares of Pioneer Energy Services Corp. by 9.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 59,160 shares of the oil and gas company’s stock worth $237,000 after purchasing an additional 5,206 shares in the last quarter. 73.95% of the stock is owned by institutional investors.

About Pioneer Energy Services Corp.

Pioneer Energy Services Corp. provides land-based drilling services and production services to a group of independent oil and gas exploration and production companies in the United States and internationally in Colombia. The Company operates through two segments, which include drilling services segment and production services segment.

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

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