Bank of New York Mellon Corp boosted its position in shares of Tesco Corporation (NASDAQ:TESO) by 6.1% during the third quarter, Holdings Channel reports. The institutional investor owned 550,426 shares of the company’s stock after buying an additional 31,542 shares during the period. Bank of New York Mellon Corp owned 1.19% of Tesco Corporation worth $4,492,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of TESO. Profund Advisors LLC raised its stake in Tesco Corporation by 21.7% in the second quarter. Profund Advisors LLC now owns 15,406 shares of the company’s stock worth $103,000 after buying an additional 2,748 shares in the last quarter. Virginia Retirement Systems ET AL purchased a new stake in Tesco Corporation during the third quarter worth approximately $103,000. Citadel Advisors LLC purchased a new stake in Tesco Corporation during the second quarter worth approximately $109,000. Arizona State Retirement System raised its stake in Tesco Corporation by 19.3% in the second quarter. Arizona State Retirement System now owns 24,070 shares of the company’s stock worth $161,000 after buying an additional 3,900 shares in the last quarter. Finally, Stevens Capital Management LP purchased a new stake in Tesco Corporation during the second quarter worth approximately $165,000. Institutional investors own 95.01% of the company’s stock.
Shares of Tesco Corporation (NASDAQ:TESO) traded down 1.462% during mid-day trading on Friday, reaching $8.425. 55,702 shares of the company traded hands. The firm has a 50 day moving average of $8.79 and a 200-day moving average of $7.68. The stock’s market capitalization is $390.95 million. Tesco Corporation has a 52 week low of $5.52 and a 52 week high of $9.77.
Tesco Corporation (NASDAQ:TESO) last released its earnings results on Friday, November 4th. The company reported ($0.37) earnings per share for the quarter, hitting the consensus estimate of ($0.37). Tesco Corporation had a negative return on equity of 18.80% and a negative net margin of 115.95%. The business earned $30.40 million during the quarter, compared to the consensus estimate of $29.20 million. During the same period last year, the company earned ($0.32) earnings per share. The business’s revenue for the quarter was down 50.5% compared to the same quarter last year. On average, equities research analysts expect that Tesco Corporation will post ($1.58) EPS for the current fiscal year.
A number of research analysts have issued reports on the stock. Cowen and Company downgraded shares of Tesco Corporation from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $10.00 to $9.00 in a research report on Thursday, January 19th. Zacks Investment Research downgraded shares of Tesco Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, January 17th. Bank of America Corp assumed coverage on shares of Tesco Corporation in a research report on Thursday, December 22nd. They set an “underperform” rating on the stock. Finally, HSBC Holdings plc raised shares of Tesco Corporation to a “buy” rating in a research report on Thursday, November 17th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Tesco Corporation presently has a consensus rating of “Hold” and a consensus price target of $8.56.
In related news, CFO Christopher L. Boone sold 3,529 shares of Tesco Corporation stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $8.25, for a total value of $29,114.25. Following the completion of the sale, the chief financial officer now directly owns 23,044 shares in the company, valued at $190,113. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Irausquin sold 4,098 shares of Tesco Corporation stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $7.05, for a total value of $28,890.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 91,015 shares of company stock valued at $741,458. Corporate insiders own 1.50% of the company’s stock.
About Tesco Corporation
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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