Zacks Investment Research upgraded shares of Tesco Corporation (NASDAQ:TESO) from a sell rating to a hold rating in a research report report published 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. “

A number of other brokerages have also commented on TESO. Cowen and Company decreased their price target on shares of Tesco Corporation from $9.00 to $6.00 and set a market perform rating on the stock in a report on Monday, June 5th. ValuEngine lowered shares of Tesco Corporation from a sell rating to a strong sell rating in a report on Friday, September 1st. FBR & Co set a $7.00 price target on shares of Tesco Corporation and gave the stock a buy rating in a report on Wednesday, August 16th. Finally, Seaport Global Securities reissued a neutral rating on shares of Tesco Corporation in a report on Wednesday, August 9th. Two equities research 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. The stock has an average rating of Hold and an average price target of $6.50.

Shares of Tesco Corporation (NASDAQ:TESO) opened at 5.15 on Friday. Tesco Corporation has a 1-year low of $3.70 and a 1-year high of $9.65. The company’s market cap is $240.78 million. The firm’s 50 day moving average is $4.47 and its 200-day moving average is $5.47.

Tesco Corporation (NASDAQ:TESO) last issued its quarterly earnings results on Tuesday, August 8th. The oil and gas company reported ($0.25) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.24) by ($0.01). The company had revenue of $40.10 million during the quarter, compared to the consensus estimate of $41.01 million. Tesco Corporation had a negative return on equity of 18.21% and a negative net margin of 47.72%. Tesco Corporation’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.39) EPS. Equities analysts expect that Tesco Corporation will post ($0.94) earnings per share for the current year.

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Hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC bought a new position in shares of Tesco Corporation during the 1st quarter valued at $108,000. OppenheimerFunds Inc. grew its holdings in shares of Tesco Corporation by 21.5% during the 1st quarter. OppenheimerFunds Inc. now owns 13,580 shares of the oil and gas company’s stock valued at $109,000 after purchasing an additional 2,404 shares during the last quarter. KCG Holdings Inc. bought a new position in shares of Tesco Corporation during the 1st quarter valued at $116,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Tesco Corporation during the 1st quarter valued at $144,000. Finally, Louisiana State Employees Retirement System grew its holdings in shares of Tesco Corporation by 1.6% during the 1st quarter. Louisiana State Employees Retirement System now owns 19,000 shares of the oil and gas company’s stock valued at $153,000 after purchasing an additional 300 shares during the last quarter. 91.12% of the stock is currently owned by institutional investors.

Tesco Corporation Company Profile

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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