Prudential Financial Inc. cut its stake in shares of Tesco Corporation (NASDAQ:TESO) by 2.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 76,192 shares of the oil and gas company’s stock after selling 2,300 shares during the period. Prudential Financial Inc. owned 0.16% of Tesco Corporation worth $339,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Royce & Associates LP grew its stake in shares of Tesco Corporation by 32.5% during the 2nd quarter. Royce & Associates LP now owns 877,196 shares of the oil and gas company’s stock valued at $3,904,000 after buying an additional 215,400 shares during the period. Virginia Retirement Systems ET AL purchased a new stake in shares of Tesco Corporation during the 2nd quarter valued at $105,000. Tocqueville Asset Management L.P. purchased a new stake in shares of Tesco Corporation during the 2nd quarter valued at $2,193,000. Legal & General Group Plc grew its stake in shares of Tesco Corporation by 8.9% during the 2nd quarter. Legal & General Group Plc now owns 85,977 shares of the oil and gas company’s stock valued at $382,000 after buying an additional 6,991 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Tesco Corporation by 7.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 643,469 shares of the oil and gas company’s stock valued at $2,864,000 after buying an additional 42,690 shares during the period. 91.12% of the stock is owned by institutional investors.
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Shares of Tesco Corporation (TESO) opened at 4.85 on Friday. The company’s 50-day moving average is $4.96 and its 200-day moving average is $5.16. Tesco Corporation has a 12 month low of $3.70 and a 12 month high of $9.65. The stock’s market capitalization is $226.76 million.
Tesco Corporation (NASDAQ:TESO) last released its quarterly earnings results on Tuesday, August 8th. The oil and gas company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The business had revenue of $40.10 million for the quarter, compared to the consensus estimate of $41.01 million. Tesco Corporation had a negative net margin of 47.72% and a negative return on equity of 18.21%. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.39) EPS. Equities research analysts expect that Tesco Corporation will post ($0.94) earnings per share for the current fiscal year.
Several analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Tesco Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Seaport Global Securities reissued a “neutral” rating on shares of Tesco Corporation in a research note on Wednesday, August 9th. Cowen and Company set a $5.00 price objective on shares of Tesco Corporation and gave the company a “hold” rating in a research note on Friday, October 6th. FBR & Co set a $7.00 price objective on shares of Tesco Corporation and gave the company a “buy” rating in a research note on Wednesday, August 16th. Finally, ValuEngine cut shares of Tesco Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $6.00.
Tesco Corporation Company Profile
Tesco Corporation is a provider of technology-based solutions for drilling, servicing and completion of wells for the upstream energy industry. The Company’s operations consist of top drives and automated pipe handling equipment sales and rentals; aftermarket sales and services, and tubular services, including related products and accessories sales.
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