Pioneer Energy Services (PES -1.6%) slips today after Wunderlich starts out coverage with a less...

|About: Pioneer Energy Services (PES)|By:, SA News Editor

Pioneer Energy Services (PES -1.6%) slips today after Wunderlich starts out coverage with a less than enthusiastic Hold rating and $7 price target. Wunderlich says the cyclical market has been tough on the company over recent years, which, coupled with the spending to grow its capacity, has boosted debt levels significantly. The firm thinks a better overall market is necessary before the company will be able to improve its financial position.