NEW YORK, NY / ACCESSWIRE / May 31, 2017 / Weakness from the Energy and Financial sectors pressured major indexes lower Tuesday. The Dow Jones Industrial Average declined 0.24 percent to close at 21,029.47, while the S&P 500 Index dipped 0.12 percent to close at 2,412.96. The S&P 500's Energy and Financials sector posted declines of 1.31 percent and 0.77 percent, respectively. Oil prices slid Tuesday as the resurgence in Libya's oil output raised concerns that recent production cuts made by the Organization of the Petroleum Exporting Countries would not be enough to ease the supply glut.

RDI Initiates Coverage on:

Seadrill Ltd.
https://ub.rdinvesting.com/news/?ticker=SDRL

Pioneer Energy Services Corp.
https://ub.rdinvesting.com/news/?ticker=PES

Seadrill's shares dropped 11.96 percent to close at $0.46 a share on Tuesday. The stock traded between $0.45 and $0.50 on volume of 11.16 million shares traded. The combination of falling oil prices and ENSCO PLC's deal to acquire Atwood Oceanics, Inc. pressured shares of Seadrill lower Tuesday. ENSCO's acquisition of Atwood is seen as the first step into the consolidation of the offshore rig industry. Seadrill reported revenues were $569 million in the first quarter of 2017, a decrease of 36 percent when compared to the same quarter a year ago. Shares of Seadrill have fallen approximately 86.51 percent year-to-date.

On May 24th, The Wall Street Journal reported that Seadrill has made "significant progress" in its debt restructuring talks with its banks. "While discussions with our secured lenders and certain investors have advanced significantly, a number of important terms continue to be negotiated and no assurance can be given that an agreement will be reached," Seadrill said.

Access RDI's Seadrill Research Report at:
https://ub.rdinvesting.com/news/?ticker=SDRL

Pioneer Energy Services' shares dropped 9.62 percent to close at $2.35 a share on Tuesday. The stock traded between $2.35 and $2.64 on volume of 1.01 million shares traded. The company reported revenues were $95.8 million for the first quarter of 2017, an increase of 28 percent when compared to the same quarter a year ago. Net loss was $25.1 million, or $0.33 per share, for the first quarter of 2017, compared with a net loss of $27.7 million, or $0.43 per share, in the first quarter of 2016. Working capital at March 31, 2017 was $53.1 million. Shares of Pioneer Energy Services have fallen approximately 65.69 percent year-to-date.

Access RDI's Pioneer Energy Services Research Report at:
https://ub.rdinvesting.com/news/?ticker=PES

Our Actionable Research on Seadrill Ltd. (NYSE: SDRL) and Pioneer Energy Services Corp. (NYSE: PES) can be downloaded free of charge at Research Driven Investing.

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Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Nadia Noorani, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

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SOURCE: RDInvesting.com