Basic Energy Services Inc. (BAS) Lowered to Hold at Zacks Investment Research
Basic Energy Services Inc. (NYSE:BAS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Basic Energy Services provides a range of services to America’s oil and gas producers. Its operations span the heartland of domestic onshore production from Texas, Oklahoma, Louisiana and New Mexico to the Rocky Mountain states . Its services support the entire life cycle of a well – from drilling to production and finally – abandonment. They are committed to providing a safe and rewarding workplace, giving its customers the value they expect and doing our part to support a strong and viable oil and gas industry. “
Several other brokerages have also recently issued reports on BAS. Jefferies Group boosted their price target on shares of Basic Energy Services from $1.00 to $1.50 and gave the company a “hold” rating in a research report on Monday, July 11th. Deutsche Bank AG cut their price objective on shares of Basic Energy Services from $5.00 to $2.00 and set a “buy” rating on the stock in a report on Tuesday, July 26th. Iberia Capital cut shares of Basic Energy Services from an “outperform” rating to a “sector perform” rating in a report on Monday, July 25th. Johnson Rice cut shares of Basic Energy Services from a “buy” rating to a “hold” rating in a report on Monday, July 25th. Finally, Wunderlich cut their price objective on shares of Basic Energy Services from $2.00 to $1.00 and set a “hold” rating on the stock in a report on Monday, July 25th. Eighteen research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Basic Energy Services currently has an average rating of “Hold” and a consensus target price of $2.68.
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Shares of Basic Energy Services (NYSE:BAS) traded up 3.4553% during midday trading on Tuesday, hitting $0.7126. 1,980,810 shares of the stock traded hands. The firm’s market capitalization is $29.12 million. The company’s 50-day moving average is $0.61 and its 200 day moving average is $1.45. Basic Energy Services has a 52 week low of $0.37 and a 52 week high of $4.57.
Basic Energy Services (NYSE:BAS) last announced its quarterly earnings results on Thursday, July 21st. The company reported ($1.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.38) by $0.04. Basic Energy Services had a negative net margin of 55.62% and a negative return on equity of 380.17%. Analysts anticipate that Basic Energy Services will post ($5.25) earnings per share for the current year.
Hedge funds have recently made changes to their positions in the stock. Royce & Associates LP boosted its stake in shares of Basic Energy Services by 12.0% in the second quarter. Royce & Associates LP now owns 140,000 shares of the company’s stock worth $235,000 after buying an additional 15,000 shares in the last quarter. Chubb Ltd. acquired a new stake in shares of Basic Energy Services during the first quarter worth approximately $256,000. Paloma Partners Management Co acquired a new stake in shares of Basic Energy Services during the second quarter worth approximately $260,000. KCG Holdings Inc. boosted its stake in shares of Basic Energy Services by 111.2% in the second quarter. KCG Holdings Inc. now owns 179,441 shares of the company’s stock worth $301,000 after buying an additional 94,462 shares in the last quarter. Finally, Guggenheim Capital LLC boosted its stake in shares of Basic Energy Services by 10.6% in the second quarter. Guggenheim Capital LLC now owns 182,784 shares of the company’s stock worth $307,000 after buying an additional 17,524 shares in the last quarter. 55.68% 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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