NEW YORK (TheStreet) -- Shares of Pioneer Energy Services Corp. (PES) are higher 4.02% to $13.97 on Tuesday after the company reported per-share earnings and revenue for the 2014 first quarter beat analyst expectations.
The company, which provides drilling and production services to independent oil and gas exploration companies, reported net income was $2.6 million, or 4 cents per share, compared to the $1.3 million, or 2 cents per share reported during the same quarter of the previous year.
First quarter 2014 revenue was up 4% to $239 million, versus the $299.7 million from the first quarter 2013, which exceeded the Capital IQ consensus by around $3.39 million, NASDAQ.com reported.
TheStreet Ratings team rates PIONEER ENERGY SERVICES CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate PIONEER ENERGY SERVICES CORP (PES) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."