Basic Energy Services, Inc. (NYSE:BAS) Stock Rating Upgraded by Zacks Investment Research
Basic Energy Services, Inc. (NYSE:BAS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $31.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 8.35% from the company’s previous close.
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. “
BAS has been the topic of several other reports. BidaskClub upgraded shares of Basic Energy Services from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Deutsche Bank AG reiterated a “hold” rating on shares of Basic Energy Services in a report on Wednesday, March 29th. Seaport Global Securities cut shares of Basic Energy Services from a “buy” rating to a “neutral” rating in a report on Wednesday, June 21st. Piper Jaffray Companies reiterated a “neutral” rating and set a $26.50 target price (down from $33.00) on shares of Basic Energy Services in a report on Wednesday, July 12th. Finally, Instinet reiterated a “buy” rating on shares of Basic Energy Services in a report on Wednesday, April 19th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $27.63.
Shares of Basic Energy Services (BAS) traded up 4.72% during mid-day trading on Wednesday, reaching $28.61. 333,905 shares of the company traded hands. The stock’s market capitalization is $743.89 million. The firm has a 50 day moving average of $25.26 and a 200-day moving average of $31.93. Basic Energy Services has a 52 week low of $19.79 and a 52 week high of $44.81.
Hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. bought a new position in shares of Basic Energy Services during the first quarter valued at approximately $28,891,000. Vanguard Group Inc. bought a new position in shares of Basic Energy Services during the first quarter valued at approximately $20,818,000. Citadel Advisors LLC raised its position in shares of Basic Energy Services by 230.1% in the first quarter. Citadel Advisors LLC now owns 551,233 shares of the oil and gas company’s stock valued at $18,389,000 after buying an additional 384,228 shares during the last quarter. Southpoint Capital Advisors LP bought a new position in shares of Basic Energy Services during the first quarter valued at approximately $18,348,000. Finally, Jennison Associates LLC bought a new position in shares of Basic Energy Services during the first quarter valued at approximately $14,423,000. 97.40% 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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