Tesco Corp. (TESO) Upgraded by Zacks Investment Research to Buy
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. “
A number of other equities research analysts have also issued reports on TESO. Seaport Global Securities restated a neutral rating on shares of Tesco Corp. in a report on Friday, August 19th. FBR & Co set a $9.00 price objective on shares of Tesco Corp. and gave the company a buy rating in a research report on Wednesday, August 10th. HSBC reaffirmed a hold rating on shares of Tesco Corp. in a research report on Monday. Finally, Barclays PLC reaffirmed a buy rating on shares of Tesco Corp. in a research report on Monday, September 26th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $9.13.
Tesco Corp. (NASDAQ:TESO) traded up 1.17% during midday trading on Wednesday, reaching $8.65. 14,479 shares of the company traded hands. Tesco Corp. has a 12 month low of $5.12 and a 12 month high of $9.77. The stock’s market capitalization is $401.39 million. The firm has a 50 day moving average of $7.54 and a 200-day moving average of $7.49.
Tesco Corp. (NASDAQ:TESO) last released its quarterly earnings results on Tuesday, August 9th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.42) by $0.03. Tesco Corp. had a negative net margin of 95.07% and a negative return on equity of 15.93%. The business had revenue of $33.60 million for the quarter, compared to analyst estimates of $32.48 million. During the same quarter in the previous year, the business earned ($0.21) earnings per share. The firm’s revenue was down 54.9% compared to the same quarter last year. Analysts forecast that Tesco Corp. will post ($1.53) EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in TESO. FMR LLC boosted its stake in shares of Tesco Corp. by 35.4% in the second quarter. FMR LLC now owns 6,761,794 shares of the company’s stock worth $45,236,000 after buying an additional 1,769,481 shares during the period. Wellington Management Group LLP boosted its stake in shares of Tesco Corp. by 0.5% in the first quarter. Wellington Management Group LLP now owns 5,490,036 shares of the company’s stock worth $47,270,000 after buying an additional 29,257 shares during the period. Vanguard Group Inc. boosted its stake in shares of Tesco Corp. by 18.1% in the second quarter. Vanguard Group Inc. now owns 3,863,596 shares of the company’s stock worth $25,848,000 after buying an additional 592,205 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Tesco Corp. by 15.0% in the second quarter. BlackRock Fund Advisors now owns 3,130,715 shares of the company’s stock worth $20,944,000 after buying an additional 407,739 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Tesco Corp. by 7.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,728,231 shares of the company’s stock worth $18,252,000 after buying an additional 185,057 shares during the period. Institutional investors own 94.87% of the company’s stock.
About Tesco Corp.
Tesco Corporation is engaged in designing, assembly and service delivery of technology-based solutions for the upstream energy industry. The Company’s product and service offerings consist primarily of equipment sales and services to drilling contractors, and exploration and production companies around the world.
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