Jefferies Upgrades Pioneer Energy Services Corp (PES) to Buy
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Jefferies upgraded Pioneer Energy Services Corp (NYSE: PES) from Hold to Buy with a price target of $6.00 (from $5.00).
Analyst Brad Handler commented, "With the 24% pullback from its early July peak, we see attractive value in PES. We are not overly concerned with covenant risk given our outlook as we look for Production Services and in particular PES's industry-leading well service fleet to drive recovery and to offset lower Drilling Services contribution; we note that asset sales and potential equity issuance can help meet leverage and coverage ratios if needed in 2H17. Upgrade to BUY."
Shares of Pioneer Energy Services Corp closed at $3.28 yesterday.
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