Pioneer Energy Services (PES) Tops Q1 EPS by 3c
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Simmons Remains Sidelined on Pioneer Energy Services (PES) Following 1Q Beat
May 3, 2016 8:46 AM EDTSimmons reiterated a Neutral rating on Pioneer Energy Services Corp (NYSE: PES), and raised the price target to $3.00 (from $2.00), following the company's 1Q earnings report. PES reported adjusted EPS of ($0.30) vs. the Street at ($0.34). Consolidated revenue totaled $75M vs. our $79.7M estimate, but the shortfall relative to model was offset by lower depreciation expense.
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