Pioneer Energy sinks on Sell rating by Wunderlich

Pioneer Energy Services (PES -6.4%) is downgraded to Sell from Hold with a $7 price target at Wunderlich, which sees the recent share price appreciation as overdone given a difficult macro environment going forward.

While PES has some high-spec drilling rigs and other equipment that remains in high demand, the firm remains worried about the equipment that needs to be put to work in order to see the company move back into positive EPS territory and the increased EBITDA needed to help reduce the debt level.

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