Pioneer Energy Services (NYSE:PES) Issues Quarterly Earnings Results, Hits Expectations

Pioneer Energy Services (NYSE:PES) released its quarterly earnings results on Wednesday. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.15), Morningstar.com reports. Pioneer Energy Services had a negative net margin of 8.95% and a negative return on equity of 26.33%. The firm had revenue of $152.84 million for the quarter, compared to the consensus estimate of $151.43 million.

Shares of PES remained flat at $$0.21 during midday trading on Thursday. 5,829,200 shares of the stock traded hands, compared to its average volume of 2,427,773. The business’s 50 day moving average is $0.25. The stock has a market cap of $14.91 million, a PE ratio of -0.40 and a beta of 3.26. Pioneer Energy Services has a one year low of $0.18 and a one year high of $3.65. The company has a current ratio of 1.99, a quick ratio of 1.80 and a debt-to-equity ratio of 3.13.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA boosted its holdings in shares of Pioneer Energy Services by 92.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 16,993 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 8,184 shares during the period. SG Americas Securities LLC boosted its stake in Pioneer Energy Services by 60.4% during the 1st quarter. SG Americas Securities LLC now owns 32,923 shares of the oil and gas company’s stock valued at $58,000 after purchasing an additional 12,392 shares during the period. Mackay Shields LLC acquired a new position in Pioneer Energy Services during the 4th quarter valued at about $44,000. Crossvault Capital Management LLC acquired a new position in Pioneer Energy Services during the 1st quarter valued at about $64,000. Finally, Everence Capital Management Inc. boosted its stake in Pioneer Energy Services by 133.0% during the 1st quarter. Everence Capital Management Inc. now owns 83,910 shares of the oil and gas company’s stock valued at $149,000 after purchasing an additional 47,890 shares during the period. 71.81% of the stock is owned by institutional investors and hedge funds.

PES has been the topic of several analyst reports. ValuEngine raised shares of Pioneer Energy Services from a “sell” rating to a “hold” rating in a research note on Thursday. Piper Jaffray Companies downgraded shares of Pioneer Energy Services from an “overweight” rating to a “neutral” rating in a research report on Thursday, June 27th. Finally, Imperial Capital dropped their target price on shares of 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. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $2.79.

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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Earnings History for Pioneer Energy Services (NYSE:PES)

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