The firm lowered its price target due to continued weakness in pricing and utilization as well as impact from adverse weather in certain of its operating locations, Barclays noted.
"We now model Production Services revenues to decline 17% sequentially which is in-line with company's guidance of 16%-20% revenue decline," Barclays analysts said.
On the drilling side, the company's U.S. drilling business continues to be under pressure with current utilization at 53% on a fast declining asset base, Barclays added.
Pioneer Energy Services provides drilling services and production services to oil and gas exploration, and production companies throughout onshore oil and gas producing regions of the U.S. and in Colombia.
Separately, TheStreet Ratings team rates PIONEER ENERGY SERVICES CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PIONEER ENERGY SERVICES CORP (PES) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."