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PR Newswire (Jul 31, 2014)
PR Newswire (Jul 10, 2014)
Tue, Apr. 29, 3:16 PM
- Pioneer Energy Services (PES +3.8%) posts strong gains after reporting Q1 earnings and revenues that topped analyst estimates, supported by increased demand in its production services unit offset somewhat by a drop for its drilling services segment.
- Expects Q2 drilling rig utilization to average 85%-88%, based on a fleet of 62 rigs, with drilling services margin of $8.5K-$8.7K/day; projects 5%-6% growth in production services during Q2 compared to year-ago levels.
- Says recent market improvements support new equipment additions in 2014; PES recently committed to add another six well servicing rigs and two coiled tubing units, which will result in nine well servicing rigs and three coiled tubing units to be added in 2014.
Wed, Feb. 12, 3:57 PM
- 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.
Dec. 16, 2013, 11:58 AM
- Pioneer Energy Services (PES +7.2%) is upgraded to Hold from Sell at Wunderlich, as shares are now properly valued after slipping ~20% since late October.
- PES has seen solid utilization rates across its business lines but pricing remains flattish and with the firm's view of a relatively flat U.S. rig count in 2014, especially early in the year given weather constraints, it feels the numbers put out in October remain relevant.
Nov. 18, 2013, 2:29 PM
- Onshore-focused oil service companies have been strong stock gainers YTD, but Global Hunter thinks it's prudent to take some chips off the table as it downgrades Halliburton (HAL -2.9%), Pioneer Energy (PES -5.3%), Key Energy (KEG -4.2%), Basic Energy (BAS -1.7%) and Superior Energy (SPN -2.5%) to Neutral (Briefing.com).
- The firm sees activity up next year, but believes expectations of 10%-plus D&C capex growth and 20%-plus EBIT improvement on ~40% incremental margins for the group has set a high bar, particularly when pricing is unlikely to move back in favor and given its belief the rate of change to Street numbers likely has a bias lower.
Oct. 29, 2013, 11:21 AM
- 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.
Aug. 19, 2013, 6:48 PM| Comment!
Jun. 28, 2013, 1:07 PMPioneer 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. | Comment!
Feb. 14, 2013, 4:50 PMBehind today's massive gains for Pioneer Energy Services (PES +16.2%): The Goldman Sachs report touting an energy sector turnaround also noted several companies screening well via an LBO model. PES came out on top of the list with a theoretical 25% LBO internal rate of return. PES had jumped 13.3% yesterday after Q4 earnings and revenues beat their numbers. | Comment!
Feb. 13, 2013, 12:45 PM
Feb. 13, 2013, 11:37 AMPioneer Energy Services (PES +14%) shares are surging after the provider of contract land drilling services reported better-than-expected Q4 earnings and upside near-term guidance. Q4 drilling services revenue totaled $129.9M, up 3% Q/Q and 9% Y/Y. Estimates 2013 capex of $140M-$160M vs. full-year 2012 capex of $364M. | Comment!
Jul. 26, 2012, 2:39 PMBasic Energy (BAS +8.3%) isn't the only oil service stock (OIH +3.6%) benefiting from a Goldman Sachs upgrade, as Pioneer Drilling (PDC +14.3%) and Schlumberger (SLB +4%) are lifted to Buy from Neutral (I, II). The firm says consensus views are missing key trends in the sector, including stabilizing oil and gas prices plus strengthening international land trends. | Comment!
Jun. 15, 2012, 11:52 AM
May. 8, 2012, 9:56 AMPioneer Drilling (PDC +5.2%) pops at the open after Q1 results beat expectations. Revenue from drilling services, PDC's biggest top-line contributor, rose 25% Y/Y on higher pricing and improved drilling rig utilization. Revenue from production services more than doubled, reflecting fleet additions, higher utilization and pricing, and a boost from an acquired coiled-tubing business. | Comment!
Apr. 16, 2012, 3:34 PMRaymond 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. | 1 Comment
Jan. 6, 2012, 3:08 PM
Nov. 29, 2011, 11:51 AMJefferies downgrades a few North American land drillers today, citing lower land rig and pressure pumping expectations and a higher risk/reward profile compared to their offshore peers: Nabors (NBR +0.7%), Patterson UTI (PTEN +0.8%), Pioneer Drilling (PDC -5.1%) and Union Drilling (UDRL -3.6%) are all cut to Hold. | Comment!
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