Pioneer Energy Services (NYSE:PES) Stock Price Down 3.6%

Pioneer Energy Services Corp (NYSE:PES) shares fell 3.6% during mid-day trading on Friday . The stock traded as low as $0.26 and last traded at $0.27, 5,727,465 shares changed hands during trading. An increase of 163% from the average session volume of 2,174,249 shares. The stock had previously closed at $0.28.

Several brokerages have recently issued reports on PES. Imperial Capital reduced their price target on shares of Pioneer Energy Services from $2.00 to $1.00 and set an “in-line” rating on the stock in a research report on Thursday, May 30th. Piper Jaffray Companies cut shares of Pioneer Energy Services from an “overweight” rating to a “neutral” rating in a research report on Thursday, June 27th. Finally, ValuEngine cut shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $2.79.

The business’s fifty day moving average is $0.30. The stock has a market capitalization of $20.95 million, a PE ratio of -0.51 and a beta of 3.26. The company has a debt-to-equity ratio of 3.13, a quick ratio of 1.80 and a current ratio of 1.99.

Pioneer Energy Services (NYSE:PES) last issued its earnings results on Thursday, May 2nd. The oil and gas company reported ($0.13) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The firm had revenue of $146.57 million for the quarter, compared to analysts’ expectations of $143.93 million. Pioneer Energy Services had a negative net margin of 8.95% and a negative return on equity of 26.33%. Equities research analysts predict that Pioneer Energy Services Corp will post -0.51 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of PES. Macquarie Group Ltd. raised its holdings in 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 in the last quarter. Morgan Stanley raised its holdings in Pioneer Energy Services by 175.1% in the third quarter. Morgan Stanley now owns 530,544 shares of the oil and gas company’s stock valued at $1,565,000 after acquiring an additional 337,716 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in Pioneer Energy Services during the fourth quarter worth approximately $308,000. BlackRock Inc. raised its holdings in Pioneer Energy Services by 1.4% during the fourth quarter. BlackRock Inc. now owns 11,327,120 shares of the oil and gas company’s stock worth $13,932,000 after purchasing an additional 151,504 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in Pioneer Energy Services by 29.5% during the first quarter. Rhumbline Advisers now owns 336,828 shares of the oil and gas company’s stock worth $596,000 after purchasing an additional 76,755 shares in the last quarter. 72.40% of the stock is currently owned by hedge funds and other institutional investors.

About Pioneer Energy Services (NYSE:PES)

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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