Seaport Global Securities Lowers Basic Energy Services, Inc. (BAS) to Neutral
Basic Energy Services, Inc. (NYSE:BAS) was downgraded by equities researchers at Seaport Global Securities from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday, Marketbeat reports.
Other equities analysts have also issued reports about the stock. Instinet reaffirmed a “buy” rating on shares of Basic Energy Services in a research report on Wednesday, April 19th. Nomura assumed coverage on shares of Basic Energy Services in a research report on Wednesday, April 19th. They set a “buy” rating and a $51.00 target price on the stock. Deutsche Bank AG reaffirmed a “hold” rating on shares of Basic Energy Services in a research report on Wednesday, March 29th. Finally, Zacks Investment Research lowered shares of Basic Energy Services from a “buy” rating to a “hold” rating in a research report on Tuesday, March 28th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $11.20.
Shares of Basic Energy Services (NYSE:BAS) traded up 2.23% on Wednesday, reaching $21.12. The company had a trading volume of 2,797,830 shares. Basic Energy Services has a 52 week low of $19.79 and a 52 week high of $44.81. The firm’s market capitalization is $549.10 million. The stock’s 50 day moving average is $26.83 and its 200 day moving average is $33.38.
Basic Energy Services (NYSE:BAS) last posted its quarterly earnings data on Thursday, March 23rd. The oil and gas company reported ($1.18) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.22) by $0.04. Basic Energy Services had a negative net margin of 62.32% and a negative return on equity of 153.34%. The company had revenue of $155.53 million for the quarter, compared to analyst estimates of $156.22 million. On average, equities analysts anticipate that Basic Energy Services will post ($1.87) EPS for the current year.
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In other news, major shareholder Ascribe Capital Llc sold 11,900 shares of the stock in a transaction that occurred on Wednesday, April 12th. The shares were sold at an average price of $35.68, for a total transaction of $424,592.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 11.10% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Parametric Portfolio Associates LLC acquired a new position in Basic Energy Services during the first quarter worth about $215,000. Russell Investments Group Ltd. acquired a new position in Basic Energy Services during the fourth quarter worth about $243,000. Wells Fargo & Company MN increased its position in 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 worth $239,000 after buying an additional 5,702 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Basic Energy Services during the first quarter worth about $323,000. Finally, Hudson Bay Capital Management LP acquired a new position in Basic Energy Services during the fourth quarter worth about $354,000. Hedge funds and other institutional investors own 97.41% of the company’s stock.
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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