Pioneer Energy Services (NASDAQ:PESX) Lowered to Sell at Zacks Investment Research

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Zacks Investment Research downgraded shares of Pioneer Energy Services (NASDAQ:PESX) from a hold rating to a sell rating in a report released on Friday morning, Zacks.com reports.

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. “

PESX stock opened at $0.16 on Friday. Pioneer Energy Services has a twelve month low of $0.06 and a twelve month high of $0.18.

Pioneer Energy Services (NASDAQ:PESX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.15) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.15). The firm had revenue of $152.84 million during the quarter, compared to analyst estimates of $151.43 million.

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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