Zacks Investment Research downgraded shares of Tesco Corporation (NASDAQ:TESO) from a hold rating to a sell rating in a report released on Wednesday.
According to Zacks, “Tesco Corporation is engaged in the designing, manufacturing and service delivery of technology-based solutions for the upstream energy industry. The Company’s product and service include equipment sales and services to drilling contractors and oil and gas operating companies. It operates in three segments, Top Drive, Tubular Services, and CASING DRILLING. Tesco Corporation is headquartered in Houston, Texas. “
Several other equities analysts also recently issued reports on the stock. Seaport Global Securities cut their price target on shares of Tesco Corporation from $9.00 to $6.00 and set a neutral rating for the company in a report on Wednesday, May 10th. Cowen and Company cut their price target on shares of Tesco Corporation from $9.00 to $6.00 and set a market perform rating for the company in a report on Monday, June 5th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $7.00.
Shares of Tesco Corporation (NASDAQ:TESO) opened at 3.90 on Wednesday. The company’s 50 day moving average price is $4.35 and its 200 day moving average price is $6.25. Tesco Corporation has a 52-week low of $3.70 and a 52-week high of $9.65. The stock’s market capitalization is $182.34 million.
Tesco Corporation (NASDAQ:TESO) last announced its quarterly earnings results on Tuesday, August 8th. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by $0.01. Tesco Corporation had a negative net margin of 47.72% and a negative return on equity of 18.21%. The firm had revenue of $40.10 million for the quarter, compared to the consensus estimate of $41.01 million. During the same period in the prior year, the business earned ($0.39) earnings per share. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. On average, equities research analysts anticipate that Tesco Corporation will post ($0.93) EPS for the current year.
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Several institutional investors have recently made changes to their positions in the company. FMR LLC increased its position in shares of Tesco Corporation by 9.8% in the second quarter. FMR LLC now owns 7,008,221 shares of the oil and gas company’s stock worth $31,187,000 after buying an additional 624,404 shares in the last quarter. Tocqueville Asset Management L.P. bought a new position in shares of Tesco Corporation during the second quarter worth $2,193,000. Dimensional Fund Advisors LP increased its position in shares of Tesco Corporation by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 2,993,039 shares of the oil and gas company’s stock worth $13,319,000 after buying an additional 263,160 shares in the last quarter. Foundry Partners LLC increased its position in shares of Tesco Corporation by 79.3% in the second quarter. Foundry Partners LLC now owns 502,495 shares of the oil and gas company’s stock worth $2,236,000 after buying an additional 222,300 shares in the last quarter. Finally, Royce & Associates LP increased its position in shares of Tesco Corporation by 32.5% in the second quarter. Royce & Associates LP now owns 877,196 shares of the oil and gas company’s stock worth $3,904,000 after buying an additional 215,400 shares in the last quarter. 95.66% of the stock is owned by institutional investors.
About Tesco Corporation
Tesco Corporation is a provider of technology-based solutions for drilling, servicing and completion of wells for the upstream energy industry. The Company’s operations consist of top drives and automated pipe handling equipment sales and rentals; aftermarket sales and services, and tubular services, including related products and accessories sales.
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