Intrinsic value of Pioneer Energy Services - PES

Previous Close

$5.10

  Intrinsic Value

$42.24

stock screener

  Rating & Target

str. buy

+728%

Previous close

$5.10

 
Intrinsic value

$42.24

 
Up/down potential

+728%

 
Rating

str. buy

We calculate the intrinsic value of PES stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  714
  1,103
  1,649
  2,392
  3,375
  4,640
  6,228
  8,178
  10,524
  13,292
  16,506
  20,180
  24,324
  28,940
  34,029
  39,584
  45,597
  52,059
  58,960
  66,288
  74,035
  82,192
  90,754
  99,715
  109,076
  118,836
  129,001
  139,577
  150,573
  162,003
Variable operating expenses, $m
  451
  697
  1,042
  1,512
  2,133
  2,933
  3,936
  5,169
  6,651
  8,401
  10,432
  12,754
  15,373
  18,290
  21,506
  25,017
  28,817
  32,901
  37,262
  41,894
  46,790
  51,946
  57,356
  63,020
  68,936
  75,104
  81,529
  88,212
  95,162
  102,386
Fixed operating expenses, $m
  226
  231
  236
  241
  246
  252
  257
  263
  269
  275
  281
  287
  293
  300
  306
  313
  320
  327
  334
  342
  349
  357
  365
  373
  381
  389
  398
  406
  415
  425
Total operating expenses, $m
  677
  928
  1,278
  1,753
  2,379
  3,185
  4,193
  5,432
  6,920
  8,676
  10,713
  13,041
  15,666
  18,590
  21,812
  25,330
  29,137
  33,228
  37,596
  42,236
  47,139
  52,303
  57,721
  63,393
  69,317
  75,493
  81,927
  88,618
  95,577
  102,811
Operating income, $m
  37
  175
  371
  639
  996
  1,456
  2,035
  2,747
  3,604
  4,617
  5,793
  7,139
  8,658
  10,350
  12,216
  14,254
  16,460
  18,831
  21,363
  24,053
  26,896
  29,890
  33,033
  36,323
  39,759
  43,343
  47,075
  50,958
  54,996
  59,192
EBITDA, $m
  127
  315
  580
  943
  1,424
  2,045
  2,826
  3,785
  4,940
  6,305
  7,890
  9,702
  11,747
  14,026
  16,538
  19,281
  22,251
  25,442
  28,851
  32,471
  36,298
  40,328
  44,558
  48,986
  53,612
  58,435
  63,458
  68,684
  74,118
  79,767
Interest expense (income), $m
  25
  31
  54
  87
  133
  196
  280
  387
  522
  687
  886
  1,121
  1,394
  1,705
  2,057
  2,448
  2,880
  3,351
  3,861
  4,409
  4,995
  5,616
  6,274
  6,965
  7,692
  8,452
  9,246
  10,074
  10,936
  11,833
  12,766
Earnings before tax, $m
  5
  121
  284
  506
  799
  1,176
  1,648
  2,225
  2,917
  3,731
  4,672
  5,746
  6,953
  8,294
  9,768
  11,374
  13,109
  14,970
  16,954
  19,058
  21,279
  23,617
  26,067
  28,631
  31,307
  34,097
  37,001
  40,022
  43,162
  46,427
Tax expense, $m
  1
  33
  77
  137
  216
  318
  445
  601
  787
  1,007
  1,262
  1,551
  1,877
  2,239
  2,637
  3,071
  3,539
  4,042
  4,577
  5,146
  5,745
  6,376
  7,038
  7,730
  8,453
  9,206
  9,990
  10,806
  11,654
  12,535
Net income, $m
  4
  88
  207
  369
  583
  858
  1,203
  1,624
  2,129
  2,723
  3,411
  4,194
  5,075
  6,054
  7,131
  8,303
  9,569
  10,928
  12,376
  13,912
  15,534
  17,240
  19,029
  20,901
  22,854
  24,891
  27,011
  29,216
  31,509
  33,891

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,226
  1,894
  2,833
  4,111
  5,799
  7,973
  10,702
  14,052
  18,082
  22,839
  28,361
  34,673
  41,793
  49,726
  58,469
  68,013
  78,345
  89,449
  101,305
  113,897
  127,208
  141,224
  155,934
  171,332
  187,415
  204,186
  221,651
  239,823
  258,717
  278,355
Adjusted assets (=assets-cash), $m
  1,226
  1,894
  2,833
  4,111
  5,799
  7,973
  10,702
  14,052
  18,082
  22,839
  28,361
  34,673
  41,793
  49,726
  58,469
  68,013
  78,345
  89,449
  101,305
  113,897
  127,208
  141,224
  155,934
  171,332
  187,415
  204,186
  221,651
  239,823
  258,717
  278,355
Revenue / Adjusted assets
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
Average production assets, $m
  906
  1,400
  2,094
  3,038
  4,287
  5,893
  7,910
  10,387
  13,365
  16,881
  20,962
  25,629
  30,891
  36,754
  43,216
  50,271
  57,908
  66,115
  74,879
  84,186
  94,025
  104,384
  115,257
  126,638
  138,526
  150,922
  163,831
  177,262
  191,228
  205,743
Working capital, $m
  -25
  -39
  -58
  -84
  -118
  -162
  -218
  -286
  -368
  -465
  -578
  -706
  -851
  -1,013
  -1,191
  -1,385
  -1,596
  -1,822
  -2,064
  -2,320
  -2,591
  -2,877
  -3,176
  -3,490
  -3,818
  -4,159
  -4,515
  -4,885
  -5,270
  -5,670
Total debt, $m
  795
  1,280
  1,962
  2,889
  4,115
  5,693
  7,674
  10,107
  13,032
  16,486
  20,495
  25,078
  30,247
  36,006
  42,353
  49,282
  56,783
  64,845
  73,452
  82,594
  92,258
  102,433
  113,113
  124,292
  135,968
  148,144
  160,823
  174,016
  187,733
  201,990
Total liabilities, $m
  890
  1,375
  2,057
  2,984
  4,210
  5,788
  7,770
  10,202
  13,127
  16,581
  20,590
  25,173
  30,342
  36,101
  42,448
  49,377
  56,879
  64,940
  73,548
  82,689
  92,353
  102,528
  113,208
  124,387
  136,063
  148,239
  160,919
  174,111
  187,828
  202,086
Total equity, $m
  336
  519
  776
  1,126
  1,589
  2,185
  2,932
  3,850
  4,954
  6,258
  7,771
  9,501
  11,451
  13,625
  16,020
  18,636
  21,467
  24,509
  27,758
  31,208
  34,855
  38,695
  42,726
  46,945
  51,352
  55,947
  60,732
  65,711
  70,888
  76,269
Total liabilities and equity, $m
  1,226
  1,894
  2,833
  4,110
  5,799
  7,973
  10,702
  14,052
  18,081
  22,839
  28,361
  34,674
  41,793
  49,726
  58,468
  68,013
  78,346
  89,449
  101,306
  113,897
  127,208
  141,223
  155,934
  171,332
  187,415
  204,186
  221,651
  239,822
  258,716
  278,355
Debt-to-equity ratio
  2.370
  2.470
  2.530
  2.570
  2.590
  2.610
  2.620
  2.620
  2.630
  2.630
  2.640
  2.640
  2.640
  2.640
  2.640
  2.640
  2.650
  2.650
  2.650
  2.650
  2.650
  2.650
  2.650
  2.650
  2.650
  2.650
  2.650
  2.650
  2.650
  2.650
Adjusted equity ratio
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  88
  207
  369
  583
  858
  1,203
  1,624
  2,129
  2,723
  3,411
  4,194
  5,075
  6,054
  7,131
  8,303
  9,569
  10,928
  12,376
  13,912
  15,534
  17,240
  19,029
  20,901
  22,854
  24,891
  27,011
  29,216
  31,509
  33,891
Depreciation, amort., depletion, $m
  91
  140
  209
  304
  429
  589
  791
  1,039
  1,336
  1,688
  2,096
  2,563
  3,089
  3,675
  4,322
  5,027
  5,791
  6,612
  7,488
  8,419
  9,402
  10,438
  11,526
  12,664
  13,853
  15,092
  16,383
  17,726
  19,123
  20,574
Funds from operations, $m
  95
  228
  417
  673
  1,012
  1,448
  1,994
  2,663
  3,466
  4,411
  5,507
  6,757
  8,164
  9,730
  11,452
  13,330
  15,360
  17,539
  19,864
  22,331
  24,936
  27,678
  30,555
  33,564
  36,707
  39,983
  43,394
  46,942
  50,631
  54,466
Change in working capital, $m
  -9
  -14
  -19
  -26
  -34
  -44
  -56
  -68
  -82
  -97
  -112
  -129
  -145
  -162
  -178
  -194
  -210
  -226
  -242
  -256
  -271
  -286
  -300
  -314
  -328
  -342
  -356
  -370
  -385
  -400
Cash from operations, $m
  104
  242
  436
  699
  1,046
  1,492
  2,049
  2,731
  3,548
  4,508
  5,620
  6,886
  8,309
  9,891
  11,630
  13,524
  15,571
  17,765
  20,105
  22,587
  25,208
  27,964
  30,854
  33,878
  37,034
  40,324
  43,750
  47,312
  51,016
  54,866
Maintenance CAPEX, $m
  -57
  -91
  -140
  -209
  -304
  -429
  -589
  -791
  -1,039
  -1,336
  -1,688
  -2,096
  -2,563
  -3,089
  -3,675
  -4,322
  -5,027
  -5,791
  -6,612
  -7,488
  -8,419
  -9,402
  -10,438
  -11,526
  -12,664
  -13,853
  -15,092
  -16,383
  -17,726
  -19,123
New CAPEX, $m
  -339
  -494
  -694
  -944
  -1,248
  -1,606
  -2,017
  -2,476
  -2,978
  -3,516
  -4,081
  -4,666
  -5,262
  -5,863
  -6,462
  -7,055
  -7,637
  -8,207
  -8,764
  -9,307
  -9,839
  -10,360
  -10,873
  -11,381
  -11,888
  -12,396
  -12,909
  -13,431
  -13,965
  -14,515
Cash from investing activities, $m
  -396
  -585
  -834
  -1,153
  -1,552
  -2,035
  -2,606
  -3,267
  -4,017
  -4,852
  -5,769
  -6,762
  -7,825
  -8,952
  -10,137
  -11,377
  -12,664
  -13,998
  -15,376
  -16,795
  -18,258
  -19,762
  -21,311
  -22,907
  -24,552
  -26,249
  -28,001
  -29,814
  -31,691
  -33,638
Free cash flow, $m
  -292
  -343
  -398
  -455
  -506
  -543
  -557
  -536
  -469
  -344
  -150
  123
  484
  939
  1,493
  2,148
  2,906
  3,768
  4,730
  5,792
  6,950
  8,202
  9,543
  10,971
  12,483
  14,076
  15,748
  17,498
  19,325
  21,228
Issuance/(repayment) of debt, $m
  333
  485
  681
  927
  1,226
  1,578
  1,981
  2,432
  2,925
  3,454
  4,009
  4,583
  5,169
  5,759
  6,347
  6,929
  7,501
  8,061
  8,608
  9,142
  9,664
  10,175
  10,680
  11,179
  11,676
  12,176
  12,680
  13,192
  13,717
  14,257
Issuance/(repurchase) of shares, $m
  122
  95
  50
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  455
  580
  731
  927
  1,226
  1,578
  1,981
  2,432
  2,925
  3,454
  4,009
  4,583
  5,169
  5,759
  6,347
  6,929
  7,501
  8,061
  8,608
  9,142
  9,664
  10,175
  10,680
  11,179
  11,676
  12,176
  12,680
  13,192
  13,717
  14,257
Total cash flow (excl. dividends), $m
  163
  237
  333
  473
  720
  1,035
  1,424
  1,896
  2,456
  3,109
  3,859
  4,707
  5,653
  6,698
  7,840
  9,077
  10,408
  11,829
  13,338
  14,934
  16,614
  18,377
  20,223
  22,150
  24,159
  26,251
  28,428
  30,690
  33,042
  35,485
Retained Cash Flow (-), $m
  -126
  -183
  -257
  -350
  -463
  -596
  -748
  -918
  -1,104
  -1,303
  -1,513
  -1,730
  -1,951
  -2,173
  -2,396
  -2,615
  -2,831
  -3,042
  -3,249
  -3,450
  -3,647
  -3,840
  -4,031
  -4,219
  -4,407
  -4,595
  -4,785
  -4,979
  -5,177
  -5,381
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  4
  7
  11
  16
  24
  34
  46
  62
  82
  105
  133
  165
  202
  243
  289
  340
  396
  456
  521
  590
  663
  740
  822
  908
  997
  1,091
  1,188
  1,290
  1,396
  1,506
Cash available for distribution, $m
  37
  54
  76
  123
  258
  439
  676
  978
  1,352
  1,806
  2,346
  2,977
  3,702
  4,524
  5,444
  6,462
  7,577
  8,786
  10,089
  11,484
  12,967
  14,537
  16,192
  17,931
  19,753
  21,656
  23,642
  25,711
  27,865
  30,104
Discount rate, %
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
  34
  44
  55
  78
  143
  209
  274
  331
  378
  410
  426
  425
  408
  377
  336
  290
  241
  194
  150
  112
  81
  57
  38
  24
  15
  9
  5
  3
  1
  1
Current shareholders' claim on cash, %
  76.3
  66.3
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0
  63.0

Pioneer Energy Services Corp. provides land-based drilling services and production services to a group of independent oil and gas exploration and production companies in the United States and internationally in Colombia. The Company operates through two segments, which include drilling services segment and production services segment. It also provides two of its services (coiled tubing and wireline services) offshore in the Gulf of Mexico. Its drilling services segment provides contract land drilling services to a group of exploration and production companies through the Company's four drilling divisions in the United States, and internationally in Colombia. Its production services segment provides a range of services to a group of exploration and production companies, with its operations concentrated in the various United States onshore oil and gas producing regions in the Mid-Continent and Rocky Mountain states and in the Gulf Coast.

FINANCIAL RATIOS  of  Pioneer Energy Services (PES)

Valuation Ratios
P/E Ratio -3.1
Price to Sales 1.4
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 78.7
Price to Free Cash Flow -14.6
Growth Rates
Sales Growth Rate -48.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -80%
Cap. Spend. - 3 Yr. Gr. Rate -28%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 120.6%
Total Debt to Equity 120.6%
Interest Coverage -5
Management Effectiveness
Return On Assets -13.8%
Ret/ On Assets - 3 Yr. Avg. -9.3%
Return On Total Capital -19%
Ret/ On T. Cap. - 3 Yr. Avg. -13.8%
Return On Equity -41%
Return On Equity - 3 Yr. Avg. -28.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 26.4%
Gross Margin - 3 Yr. Avg. 31.7%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 4.5%
Operating Margin -41.2%
Oper. Margin - 3 Yr. Avg. -24.4%
Pre-Tax Margin -50.2%
Pre-Tax Margin - 3 Yr. Avg. -30.2%
Net Profit Margin -46.2%
Net Profit Margin - 3 Yr. Avg. -26.2%
Effective Tax Rate 7.9%
Eff/ Tax Rate - 3 Yr. Avg. 16.7%
Payout Ratio 0%

PES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PES stock intrinsic value calculation we used $446 million for the last fiscal year's total revenue generated by Pioneer Energy Services. The default revenue input number comes from 2017 income statement of Pioneer Energy Services. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PES stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.3%, whose default value for PES is calculated based on our internal credit rating of Pioneer Energy Services, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Pioneer Energy Services.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PES stock the variable cost ratio is equal to 63.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $221 million in the base year in the intrinsic value calculation for PES stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.8% for Pioneer Energy Services.

Corporate tax rate of 27% is the nominal tax rate for Pioneer Energy Services. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PES stock is equal to 1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PES are equal to 127%.

Life of production assets of 10 years is the average useful life of capital assets used in Pioneer Energy Services operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PES is equal to -3.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $210 million for Pioneer Energy Services - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 77 million for Pioneer Energy Services is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Pioneer Energy Services at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

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▶ Pioneer Energy posts another quarterly loss while inching toward profitability   [May-02-18 02:24PM  American City Business Journals]
▶ Pioneer Energy: 1Q Earnings Snapshot   [07:54AM  Associated Press]
▶ Farmers Hit Hard As Trump Backs Big Oil   [Apr-04-18 05:00PM  Oilprice.com]
▶ Pioneer Energy Services forecasts return to profitability in 2018   [Feb-23-18 11:20AM  American City Business Journals]
▶ Pioneer Energy Services Corp. to Host Earnings Call   [Feb-16-18 08:15AM  ACCESSWIRE]
▶ Pioneer Energy reports 4Q loss   [06:57AM  Associated Press]
▶ Pioneer Energy Services pays off $150 million in debt   [Nov-10-17 08:00AM  American City Business Journals]
▶ Pioneer Energy Services shows signs of turnaround after three years of losses   [Nov-02-17 02:55PM  American City Business Journals]
▶ Pioneer Energy reports 3Q loss   [08:03AM  Associated Press]
▶ 5 Top Performing Energy Stocks of September   [Oct-04-17 04:14PM  Zacks]
▶ Van Den Berg Buys Dollar Tree, Schlumberger, CVS   [Aug-21-17 05:05PM  GuruFocus.com]
▶ Pioneer Energy reports 2Q loss   [Aug-01-17 09:32PM  Associated Press]
▶ Pioneer Energy Services approaching three years of losses   [02:50PM  American City Business Journals]
▶ 5 Energy Stocks to Turn It Around in Q3   [Jul-06-17 02:11PM  Zacks]
▶ 8 Stocks Van Den Berg Continues to Buy   [May-03-17 05:32PM  GuruFocus.com]
▶ Pioneer Energy reports higher revenue, 10 quarters of losses   [01:25PM  American City Business Journals]
▶ Pioneer Energy reports 1Q loss   [06:21AM  Associated Press]
▶ Article 50 Submitted, Triggering Brexit   [10:13AM  Investopedia]
▶ Pioneer Energy reports 4Q loss   [06:16AM  Associated Press]
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