Pioneer Energy +4.5% as Global Hunter upgrades to Buy

Pioneer Energy Services (PES +4.5%) is upgraded to Buy from Neutral with an $11 price target at Global Hunter, which cites ongoing improvements in the North American well servicing market.

PES will line out a strategy to add more high-end well servicing rigs and that rates and margins will continue to improve, the firm says; meanwhile, its land drilling business in North America has bottomed and Colombia is heading upward with new awards already announced.

The firm stresses that the upgrade is based on a fundamentally improving business and is not a "trade ahead of earnings" call.

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