The Zacks Investment Research Downgrades Tesco Corp. (TESO) to Sell

The Zacks Investment Research Downgrades Tesco Corp. (TESO) to Sell

Tesco Corp. (NASDAQ:TESO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

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 analysts have also commented on TESO. HSBC reaffirmed a “hold” rating on shares of Tesco Corp. in a research report on Sunday, October 16th. Bank of America Corp. started coverage on shares of Tesco Corp. in a research report on Thursday, December 22nd. They set an “underperform” rating on the stock. Finally, Barclays PLC reaffirmed a “buy” rating on shares of Tesco Corp. in a research report on Monday, September 26th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $8.56.

Tesco Corp. (NASDAQ:TESO) opened at 8.70 on Tuesday. The firm has a 50 day moving average of $8.75 and a 200-day moving average of $7.63. The company’s market capitalization is $403.71 million. Tesco Corp. has a 52 week low of $5.52 and a 52 week high of $9.77.

Tesco Corp. (NASDAQ:TESO) last issued its quarterly earnings data on Friday, November 4th. The company reported ($0.37) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.37). The company had revenue of $30.40 million for the quarter, compared to analyst estimates of $29.20 million. Tesco Corp. had a negative net margin of 115.95% and a negative return on equity of 18.80%. The company’s revenue was down 50.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.32) earnings per share. On average, analysts forecast that Tesco Corp. will post ($1.58) earnings per share for the current year.

In other Tesco Corp. news, CFO Christopher L. Boone sold 3,529 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $8.25, for a total transaction of $29,114.25. Following the sale, the chief financial officer now directly owns 23,044 shares in the company, valued at $190,113. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Fernando Rafael Assing sold 5,214 shares of the stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $8.25, for a total transaction of $43,015.50. Following the sale, the chief executive officer now owns 123,494 shares in the company, valued at $1,018,825.50. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

A number of large investors have recently made changes to their positions in the company. Comerica Bank increased its stake in shares of Tesco Corp. by 15.0% in the second quarter. Comerica Bank now owns 45,883 shares of the company’s stock worth $334,000 after buying an additional 5,970 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Tesco Corp. by 22.4% in the second quarter. Public Sector Pension Investment Board now owns 32,801 shares of the company’s stock worth $219,000 after buying an additional 6,000 shares during the last quarter. BlackRock Group LTD increased its stake in shares of Tesco Corp. by 29.5% in the second quarter. BlackRock Group LTD now owns 47,066 shares of the company’s stock worth $315,000 after buying an additional 10,730 shares during the last quarter. BlackRock Fund Advisors increased 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 last quarter. Finally, BlackRock Investment Management LLC increased its stake in shares of Tesco Corp. by 7.6% in the second quarter. BlackRock Investment Management LLC now owns 192,508 shares of the company’s stock worth $1,288,000 after buying an additional 13,626 shares during the last quarter. Hedge funds and other institutional investors own 97.93% of the company’s stock.

Tesco Corp. Company Profile

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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