Wunderlich Downgrades Basic Energy Services to Sell (BAS)
Basic Energy Services (NYSE:BAS) was downgraded by analysts at Wunderlich from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday, TheFlyOnTheWall.com reports. They currently have a $10.00 price target on the stock, down from their previous price target of $11.00. Wunderlich’s target price would suggest a potential downside of 34.90% from the company’s current price. The analysts noted that the move was a valuation call.
A number of other firms have also recently commented on BAS. Analysts at Iberia Capital downgraded shares of Basic Energy Services from an “outperform” rating to a “sector perform” rating in a research note to investors on Tuesday, October 15th. They now have a $14.00 price target on the stock, down previously from $15.00. Separately, analysts at Cowen and Company reiterated a “market perform” rating on shares of Basic Energy Services in a research note to investors on Wednesday, October 9th. Finally, analysts at Jefferies Group reiterated a “hold” rating on shares of Basic Energy Services in a research note to investors on Tuesday, September 3rd. They now have a $13.00 price target on the stock. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $15.18.
Basic Energy Services (NYSE:BAS) traded up 4.70% during mid-day trading on Monday, hitting $15.36. 1,236,650 shares of the company’s stock traded hands. Basic Energy Services has a 1-year low of $8.85 and a 1-year high of $16.60. The stock has a 50-day moving average of $13.06 and a 200-day moving average of $12.96. The company’s market cap is $614.3 million.
In other Basic Energy Services news, Director James Samuel Dagostino, Jr. unloaded 23,900 shares of Basic Energy Services stock on the open market in a transaction dated Monday, October 28th. The stock was sold at an average price of $13.16, for a total transaction of $314,524.00. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Basic Energy Services, Inc provides a range of well site services to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services, well servicing and contract drilling.
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