Tesco Corporation (TESO) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Tesco Corporation (NASDAQ:TESO) from a sell rating to a hold rating in a research note issued to investors on Friday morning.

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. “

Other research analysts have also recently issued research reports about the company. FBR & Co set a $7.00 price target on Tesco Corporation and gave the stock a buy rating in a research note on Wednesday, August 16th. Cowen and Company decreased their price target on Tesco Corporation from $9.00 to $6.00 and set a market perform rating for the company in a research note on Monday, June 5th. Seaport Global Securities reissued a neutral rating on shares of Tesco Corporation in a research note on Wednesday, August 9th. Finally, ValuEngine cut Tesco Corporation from a sell rating to a strong sell rating in a research note on Friday, September 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $6.50.

Shares of Tesco Corporation (NASDAQ:TESO) remained flat at $5.05 during midday trading on Friday. The company’s stock had a trading volume of 761,790 shares. The firm’s 50 day moving average price is $4.45 and its 200 day moving average price is $5.54. Tesco Corporation has a 52 week low of $3.70 and a 52 week high of $9.65. The stock’s market capitalization is $236.11 million.

Tesco Corporation (NASDAQ:TESO) last released 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 Thomson Reuters’ consensus estimate of ($0.24) by ($0.01). Tesco Corporation had a negative return on equity of 18.21% and a negative net margin of 47.72%. The business had revenue of $40.10 million during the quarter, compared to the consensus estimate of $41.01 million. During the same period in the previous year, the company posted ($0.39) EPS. The company’s revenue for the quarter was up 19.3% compared to the same quarter last year. Equities research analysts forecast that Tesco Corporation will post ($0.94) earnings per share for the current fiscal year.

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A number of hedge funds have recently made changes to their positions in TESO. FMR LLC boosted its stake in Tesco Corporation by 9.8% during the second quarter. FMR LLC now owns 7,008,221 shares of the oil and gas company’s stock valued at $31,187,000 after buying an additional 624,404 shares in the last quarter. Tocqueville Asset Management L.P. bought a new position in Tesco Corporation during the second quarter valued at about $2,193,000. Dimensional Fund Advisors LP boosted its stake in Tesco Corporation by 9.6% during the second quarter. Dimensional Fund Advisors LP now owns 2,993,039 shares of the oil and gas company’s stock valued at $13,319,000 after buying an additional 263,160 shares in the last quarter. Foundry Partners LLC boosted its stake in Tesco Corporation by 79.3% during the second quarter. Foundry Partners LLC now owns 502,495 shares of the oil and gas company’s stock valued at $2,236,000 after buying an additional 222,300 shares in the last quarter. Finally, Royce & Associates LP boosted its stake in Tesco Corporation by 32.5% during the second quarter. Royce & Associates LP now owns 877,196 shares of the oil and gas company’s stock valued at $3,904,000 after buying an additional 215,400 shares in the last quarter. 91.12% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Tesco Corporation (NASDAQ:TESO)

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