Goldman Sachs Downgrades Pioneer Energy Services Corp (PES) to Neutral
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Rating Summary:
6 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
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Up: 0 | Down: 0 | New: 0
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Goldman Sachs downgraded Pioneer Energy Services Corp (NYSE: PES) from Buy to Neutral with a price target of $12.50 (from $20.50).
Analyst Waqar Syed said, "Our downgrade is driven by our expectation of a slowdown in US land activity, where we expect customer capital spending to decline 6% next year (versus +9% before) following the cut in our 2015 WTI estimates to $73.5/b (prior: $90/b)."
For an analyst ratings summary and ratings history on Pioneer Energy Services Corp click here. For more ratings news on Pioneer Energy Services Corp click here.
Shares of Pioneer Energy Services Corp closed at $11.06 yesterday.
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