Basic Energy Services, Inc. (BAS) Expected to Announce Quarterly Sales of $212.03 Million
Wall Street brokerages predict that Basic Energy Services, Inc. (NYSE:BAS) will report $212.03 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Basic Energy Services’ earnings, with estimates ranging from $206.3 million to $217.75 million. Basic Energy Services reported sales of $120 million during the same quarter last year, which would suggest a positive year over year growth rate of 76.7%. The firm is expected to report its next quarterly earnings results on Thursday, July 20th.
According to Zacks, analysts expect that Basic Energy Services will report full year sales of $212.03 million for the current fiscal year, with estimates ranging from $866.2 million to $897.25 million. For the next year, analysts expect that the company will post sales of $1.17 billion per share, with estimates ranging from $1.11 billion to $1.23 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Basic Energy Services.
Basic Energy Services (NYSE:BAS) last announced its earnings results on Thursday, March 23rd. The oil and gas company reported ($1.18) EPS for the quarter, beating the consensus estimate of ($1.22) by $0.04. Basic Energy Services had a negative return on equity of 380.17% and a negative net margin of 57.96%. The business had revenue of $155.53 million during the quarter, compared to the consensus estimate of $156.22 million.
BAS has been the subject of several research reports. Deutsche Bank AG raised Basic Energy Services from a “hold” rating to a “buy” rating in a research note on Thursday, January 19th. Seaport Global Securities raised Basic Energy Services from a “neutral” rating to a “buy” rating in a research note on Thursday, March 30th. Zacks Investment Research downgraded Basic Energy Services from a “buy” rating to a “hold” rating in a research note on Tuesday, March 28th. Instinet reaffirmed a “buy” rating on shares of Basic Energy Services in a research note on Wednesday, April 19th. Finally, Nomura initiated coverage on Basic Energy Services in a research note on Wednesday, April 19th. They set a “buy” rating and a $51.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Basic Energy Services has a consensus rating of “Hold” and a consensus target price of $11.20.
Shares of Basic Energy Services (NYSE:BAS) opened at 27.46 on Wednesday. The stock’s market capitalization is $713.93 million. Basic Energy Services has a one year low of $24.79 and a one year high of $44.81. The stock’s 50 day moving average price is $30.96 and its 200 day moving average price is $35.53.
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In related news, major shareholder Ascribe Capital Llc sold 11,900 shares of the business’s stock in a transaction dated Wednesday, April 12th. The shares were sold at an average price of $35.68, for a total value of $424,592.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 408,725 shares of company stock valued at $17,624,350 in the last three months. 11.10% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in BAS. Parametric Portfolio Associates LLC purchased a new position in shares of Basic Energy Services during the first quarter valued at $215,000. Wells Fargo & Company MN increased its position in shares of Basic Energy Services by 393.2% in the first quarter. Wells Fargo & Company MN now owns 7,152 shares of the oil and gas company’s stock valued at $239,000 after buying an additional 5,702 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Basic Energy Services during the fourth quarter valued at $243,000. Hudson Bay Capital Management LP purchased a new position in shares of Basic Energy Services during the fourth quarter valued at $354,000. Finally, Airain ltd purchased a new position in shares of Basic Energy Services during the first quarter valued at $518,000.
Basic Energy Services Company Profile
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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