Noteworthy Price Action: What’s Propelling Tesco Corporation (USA) to Decline So Much?

Noteworthy Price Action: What's Propelling Tesco Corporation (USA) to Decline So Much?

The stock of Tesco Corporation (USA) (NASDAQ:TESO) is a huge mover today! About 77,131 shares traded hands. Tesco Corporation (USA) (NASDAQ:TESO) has risen 5.77% since March 8, 2016 and is uptrending. It has underperformed by 3.55% the S&P500.
The move comes after 7 months negative chart setup for the $425.88M company. It was reported on Oct, 11 by Barchart.com. We have $7.41 PT which if reached, will make NASDAQ:TESO worth $59.62 million less.

Analysts await Tesco Corporation (USA) (NASDAQ:TESO) to report earnings on November, 2. They expect $-0.39 earnings per share, down 21.88% or $0.07 from last year’s $-0.32 per share. After $-0.39 actual earnings per share reported by Tesco Corporation (USA) for the previous quarter, Wall Street now forecasts 0.00% EPS growth.

Tesco Corporation (USA) (NASDAQ:TESO) Ratings Coverage

Out of 4 analysts covering Tesco Corporation (NASDAQ:TESO), 3 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 75% are positive. Tesco Corporation has been the topic of 5 analyst reports since August 7, 2015 according to StockzIntelligence Inc. The stock of Tesco Corporation (USA) (NASDAQ:TESO) earned “Hold” rating by Zacks on Wednesday, August 12. FBR Capital maintained the shares of TESO in a report on Thursday, November 5 with “Outperform” rating. Guggenheim upgraded the shares of TESO in a report on Friday, August 7 to “Buy” rating. iBERIA Capital Partners maintained Tesco Corporation (USA) (NASDAQ:TESO) rating on Wednesday, March 2. iBERIA Capital Partners has “Sector Perform” rating and $8 price target.

According to Zacks Investment Research, “Tesco Corporation is engaged in the designing, manufacturing and service delivery of technology-based solutions for the upstream energy industry. The Company’s product and service include equipment sales and services to drilling contractors and oil and gas operating companies. It operates in three segments, Top Drive, Tubular Services, and CASING DRILLING. Tesco Corporation is headquartered in Houston, Texas.”

Insitutional Activity: The institutional sentiment increased to 2.52 in 2016 Q2. Its up 0.70, from 1.82 in 2016Q1. The ratio is positive, as 9 funds sold all Tesco Corporation (USA) shares owned while 18 reduced positions. 19 funds bought stakes while 49 increased positions. They now own 43.89 million shares or 19.57% more from 36.70 million shares in 2016Q1.
Citadel Advsr Ltd Liability reported 16,360 shares or 0% of all its holdings. Td Asset holds 0% of its portfolio in Tesco Corporation (USA) (NASDAQ:TESO) for 15,400 shares. Rhumbline Advisers last reported 58,148 shares in the company. Moreover, Citigroup Inc has 0% invested in Tesco Corporation (USA) (NASDAQ:TESO) for 17,619 shares. Moreover, Whittier Tru Of Nevada has 0% invested in Tesco Corporation (USA) (NASDAQ:TESO) for 1,275 shares. Voya Invest Mngmt Ltd Llc reported 19,500 shares or 0% of all its holdings. Nationwide Fund Advisors has 0% invested in the company for 35,470 shares. State Of Tennessee Treasury Department, a Tennessee-based fund reported 37,081 shares. Tudor Et Al, a Connecticut-based fund reported 36,999 shares. Parametric Portfolio Ltd Limited Liability Company owns 197,034 shares or 0% of their US portfolio. Barclays Public Ltd holds 60,663 shares or 0% of its portfolio. Wellington Mgmt Gp Llp accumulated 0.01% or 6.44 million shares. Teton Advisors Incorporated owns 57,900 shares or 0.03% of their US portfolio. Fmr Ltd Com has 6.76 million shares for 0.01% of their US portfolio. Ameriprise last reported 225,800 shares in the company.

Another recent and important Tesco Corporation (USA) (NASDAQ:TESO) news was published by 247Wallst.com which published an article titled: “Three Less Obvious Opportunities In Response To Brexit” on June 27, 2016.

TESO Company Profile

Tesco Corporation, incorporated on December 1, 1993, is engaged in designing, assembly and service delivery of technology solutions for the upstream energy industry. The Company’s product and service offerings consist primarily of equipment sales and services to drilling contractors, and exploration and production companies around the world. The Firm operates through four divisions: Top Drives, Tubular Services, Research & Engineering, and Corporate and Other. The Company’s Top Drive segment includes top drive sales, top drive rentals and after-market sales and services. The Company’s Tubular Services segment includes its automated and conventional tubular services. The Company’s Research and Engineering segment includes its internal research and development activities related to its automated tubular services and top drive model development, as well as the Casing Drilling technology prior to the sale.

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