Raymond James cuts its rating on Pioneer Drilling (PDC -3.3%) to Underperform from Outperform,...

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

Raymond James cuts its rating on Pioneer Drilling (PDC -3.3%) to Underperform from Outperform, saying its stance on the U.S. rig count hurts its earnings and cash flow estimates for 2012 and 2013. The firm also downgrades a raft of other energy stocks, including Weatherford (WFT -3.6%) to Underperform from Strong Buy.