NEW YORK (TheStreet) -- Shares of Pioneer Energy Services (PES) were spiking 13.11% to $3.71 on heavy trading volume mid-afternoon Friday as Jefferies raised its rating on the stock to "buy" from "hold."

The firm also increased its price target to $6 from $5 on shares of the San Antonio, TX-based provider of land contract drilling services.

Jefferies said the stock's 24% pullback from its early July peak provides an attractive value.

"We are not overly concerned with covenant risk given our outlook as we look for Production Services and in particular PES's industry-leading well service fleet to drive recovery and to offset lower Drilling Services contribution," the firm wrote in a note earlier today.

Jefferies also noted that assets sales and possible equity issuance can help meet leverage and coverage ratios if needed in the second half of 2017.

Additionally, oil prices were climbing today. Crude oil (WTI) was rising 3.43% to $44.64 per barrel and Brent crude was gaining 3.37% to $46.98 per barrel this afternoon.

More than 1.42 million of the company's shares changed hands so far today vs. its average 30-day volume of 953,465 shares per day.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.

The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, poor profit margins, weak operating cash flow and generally high debt management risk.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: PES

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