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UPDATE: Jefferies Downgrades Pioneer Energy Services on Muted Outlook

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In a report published Tuesday, Jefferies analyst Brad Handler downgraded the rating on Pioneer Energy Services (NYSE: PES) from Buy to Hold, and lowered the price target from $9.00 to $8.00.

In the report, Jefferies noted, “Drilling efficiencies and an even-more muted gas outlook could leave the U.S. rig count flat for two years. We think drillers likely chase the ongoing displacement of mechanical rigs by AC rigs. The result, in our view, is ongoing higher capex, less earnings growth and less-than-attractive shares. We downgrade HP and PES to Hold from Buy, although HP's FCF and leadership leave it as our preferred stock in this segment.”

Pioneer Energy Services closed on Monday at $7.10.

Latest Ratings for PES

DateFirmActionFromTo
Jan 2019DowngradesOverweightEqual-Weight
Nov 2018Initiates Coverage OnNeutral
Sep 2018Initiates Coverage OnHold

View More Analyst Ratings for PES
View the Latest Analyst Ratings

Posted-In: Brad Handler JefferiesAnalyst Color Downgrades Analyst Ratings

 

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