Basic Energy Services Inc. (BAS) Debt Trading 3.1% Higher
An issue of Basic Energy Services Inc. (NYSE:BAS) debt rose 3.1% as a percentage of its face value during trading on Tuesday. The debt issue has a 7.75% coupon and will mature on February 15, 2019. The bonds in the issue are now trading at $43.94. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.
BAS has been the subject of a number of research analyst reports. Macquarie upgraded Basic Energy Services from an “underperform” rating to a “neutral” rating in a research note on Tuesday, August 9th. Jefferies Group increased their price target on Basic Energy Services from $1.00 to $1.50 and gave the company a “hold” rating in a research note on Monday, July 11th. Johnson Rice cut Basic Energy Services from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. Wunderlich reduced their price objective on Basic Energy Services from $2.00 to $1.00 and set a “hold” rating for the company in a research note on Monday, July 25th. Finally, Zacks Investment Research cut Basic Energy Services from a “hold” rating to a “sell” rating in a research note on Monday, July 4th. Eighteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $2.68.
Shares of Basic Energy Services Inc. (NYSE:BAS) opened at 0.7238 on Wednesday. The firm’s market capitalization is $29.58 million. Basic Energy Services Inc. has a 12-month low of $0.37 and a 12-month high of $4.57. The company’s 50-day moving average price is $0.59 and its 200 day moving average price is $1.53.
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Basic Energy Services (NYSE:BAS) last released its quarterly earnings data on Thursday, July 21st. The company reported ($1.34) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.38) by $0.04. Basic Energy Services had a negative return on equity of 380.17% and a negative net margin of 55.62%. On average, equities research analysts forecast that Basic Energy Services Inc. will post ($5.25) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BAS. Panagora Asset Management Inc. boosted its position in Basic Energy Services by 50.4% in the first quarter. Panagora Asset Management Inc. now owns 1,408,963 shares of the company’s stock valued at $3,889,000 after buying an additional 472,157 shares in the last quarter. Bank of Montreal Can acquired a new position in Basic Energy Services during the second quarter valued at about $744,000. California Public Employees Retirement System boosted its position in Basic Energy Services by 17.0% in the second quarter. California Public Employees Retirement System now owns 1,180,100 shares of the company’s stock valued at $1,983,000 after buying an additional 171,400 shares in the last quarter. Paloma Partners Management Co acquired a new position in Basic Energy Services during the second quarter valued at about $260,000. Finally, Bridgeway Capital Management Inc. boosted its position in Basic Energy Services by 34.7% in the second quarter. Bridgeway Capital Management Inc. now owns 393,000 shares of the company’s stock valued at $660,000 after buying an additional 101,200 shares in the last quarter. 55.62% of the stock is owned by institutional investors and hedge funds.
About Basic Energy Services
Basic Energy Services, Inc provides a range of well site services in the United States to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services, well servicing and contract drilling. The Company operates through the segment, which include Completion and Remedial Services, Fluid Services, Well Servicing and Contract Drilling.
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