UPDATE: Seaport Global Securities Upgrades Pioneer Energy Services Corp (PES) to Buy
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(Updated - September 30, 2016 9:26 AM EDT)
Seaport Global Securities upgraded Pioneer Energy Services Corp (NYSE: PES) from Neutral to Buy with a price target of $5.
Analyst Mark Brown said, "We came away from our SGS Energy Exchange call with greater conviction in PES as a small-cap play on a NAM market recovery. Our call featured Stacy Locke, president and chief executive officer, and Lorne Phillips, executive vice president and chief financial officer. So far, well servicing has been driven mostly by maintenance jobs, but the mix of completions activity is expected to pick up going forward (from 10%-15% toward 35%+). On the drilling side, the 16 A.C. rigs are nearly at full capacity, and it has an eye on monetization opportunities for the balance of its fleet. We are upgrading to a Buy rating (from Neutral) based on its strong prospects, particularly in Production Services operations assuming increased upstream E&P spend in 2017-2018."
Shares of Pioneer Energy Services Corp closed at $3.89 yesterday.
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