Pioneer Energy Services Corp. (NYSE: PES) Stock Coverage Initiated at DA Davidson

Analysts at DA Davidson initiated coverage on Pioneer Energy Services Corp. (NYSE: PES) stock, starting the company at Buy. As a means of comparison, a number of other analysts have commented on the shares recently, and the company has secured a consensus one-year price target of $3.96, $3.41. Pioneer Energy Services Corp.stock has a 52-week high of $5.05.After beginning or initiating coverage, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.

U.S. stocks finished higher Thursday, near their intra-day highs.

The Dow Jones Industrial Average DJIA, +0.99% closed up 177.71 points, or 1%, at 18,212.48, led by a 3.4% surge in shares of Apple Inc. AAPL, +3.40%

All 30 of the Dow components finished in the green.

The S&P 500 index SPX, +1.01% wrapped up 21.49 points, or 1%, to 2,147.26, and all the large-cap gauge’s sectors ended higher, topped by a 1.7% rise in the tech sector and a 1.1% gain in health-care shares

The Nasdaq Composite Index COMP, +0.36% advanced 18.52 points, or 0.4%, to close at 5,173.77.
Stock prices often move to the upside on recommendations and new price targets of professional analysts.

Shares of Pioneer Energy Services Corp. (NYSE: PES) opened at $3.41 today and traded in a range between, $3.32 and $3.47, and last traded at $3.32, which represents a change of $ 0.03 over the previous closing price.

Pioneer Energy Services Corp. (NYSE: PES) currently has a market cap of 215.07M

The stocks average daily volume is 990,214 shares out of a total float 62,873,000 of and some 763,161 shares traded hands yesterday, 69 percent lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.

While increased trading for short periods will not mean much will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.

Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.

These professional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you’re researching.

By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.

With that in mind Pioneer Energy Services Corp. (NYSE: PES) now has a 50-day MA is $3.42 and 200-day MA is $3.25, and it has traded in a 52-week range between $0.95 – 5.05 and today’s last price is -34.26 percent off the 52 week high.

Earnings growth is an important factor toresearch when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of The Ledger Gazette. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

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