Basic Energy Services, Inc. (BAS) Stock Rating Lowered by BidaskClub
Basic Energy Services, Inc. (NYSE:BAS) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Thursday.
BAS has been the subject of several other research reports. Credit Suisse Group assumed coverage on Basic Energy Services in a report on Friday, July 21st. They issued a “neutral” rating for the company. Instinet reiterated a “buy” rating on shares of Basic Energy Services in a report on Wednesday, April 19th. Nomura assumed coverage on Basic Energy Services in a report on Wednesday, April 19th. They issued a “buy” rating and a $51.00 price objective for the company. Zacks Investment Research upgraded Basic Energy Services from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a report on Wednesday, July 26th. Finally, Piper Jaffray Companies reiterated a “neutral” rating and issued a $26.50 price objective (down previously from $33.00) on shares of Basic Energy Services in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. Basic Energy Services presently has a consensus rating of “Hold” and a consensus target price of $27.63.
Shares of Basic Energy Services (NYSE:BAS) traded up 4.86% during trading on Thursday, reaching $15.52. The company’s stock had a trading volume of 419,794 shares. The stock’s market cap is $403.94 million. Basic Energy Services has a 52-week low of $14.75 and a 52-week high of $44.81. The stock’s 50 day moving average price is $23.05 and its 200-day moving average price is $29.52.
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In other news, Director Timothy H. Day bought 15,000 shares of the stock in a transaction dated Monday, August 7th. The stock was bought at an average price of $18.69 per share, for a total transaction of $280,350.00. Following the purchase, the director now directly owns 20,200 shares in the company, valued at approximately $377,538. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Timothy H. Day bought 12,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was purchased at an average price of $16.77 per share, with a total value of $201,240.00. Following the purchase, the director now owns 32,200 shares in the company, valued at $539,994. The disclosure for this purchase can be found here. Company insiders own 11.10% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in Basic Energy Services by 1,052,325.0% in the first quarter. JPMorgan Chase & Co. now owns 42,097 shares of the oil and gas company’s stock worth $1,404,000 after buying an additional 42,093 shares during the last quarter. UBS Oconnor LLC purchased a new position in Basic Energy Services during the first quarter worth approximately $3,985,000. GeoSphere Capital Management purchased a new position in Basic Energy Services during the first quarter worth approximately $4,671,000. Trexquant Investment LP purchased a new position in Basic Energy Services during the first quarter worth approximately $820,000. Finally, UBS Group AG boosted its position in Basic Energy Services by 1,092.8% in the first quarter. UBS Group AG now owns 14,612 shares of the oil and gas company’s stock worth $487,000 after buying an additional 13,387 shares during the last quarter. Institutional investors own 96.06% 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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