Wunderlich Upgrades Pioneer Energy Services Corp (PES) to Buy

Wunderlich Securities upgraded Pioneer Energy Services Corp (NYSE: PES) from Hold to Buy with a price target of $18.00 (from $11.00).

Analyst Jason A. Wangler said, "Pioneer Energy Services (PES) reported a strong 1Q14 as EPS of $0.04 topped our -$0.07 forecast and the Street's -$0.04 estimates. Higher revenues flowed through the financials and hit the EPS and EBITDA lines due to cost controls. Perhaps more importantly the company laid out strong 2Q14 guidance with improved Drilling Services margins despite multiple long-haul moves and higher-than-expected Production Services growth due to high utilizations and even pricing gains. Most importantly, after improving the balance sheet and seeing ample demand, Pioneer is looking to expand its fleet across multiple services lines. We think this should bode well for them and thus we have boosted our numbers based on the historical improvements and future expectations. As such we are upgrading PES to Buy."

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 $13.92 yesterday.

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