Basic Energy Services’ (BAS) “Hold” Rating Reaffirmed at Piper Jaffray Companies
Basic Energy Services, Inc. (NYSE:BAS)‘s stock had its “hold” rating restated by stock analysts at Piper Jaffray Companies in a research report issued to clients and investors on Friday. They currently have a $26.50 price objective on the oil and gas company’s stock. Piper Jaffray Companies’ price target indicates a potential upside of 69.22% from the company’s previous close.
Other research analysts have also issued reports about the company. Evercore ISI reissued an “outperform” rating and issued a $19.00 price objective on shares of Basic Energy Services in a research report on Tuesday. Seaport Global Securities downgraded Basic Energy Services from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 21st. Credit Suisse Group began coverage on Basic Energy Services in a research note on Friday, July 21st. They set a “neutral” rating for the company. BidaskClub downgraded Basic Energy Services from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Finally, Zacks Investment Research upgraded Basic Energy Services from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. Basic Energy Services currently has a consensus rating of “Hold” and an average target price of $25.90.
Basic Energy Services (NYSE:BAS) traded down 7.06% on Friday, reaching $15.66. The company had a trading volume of 415,892 shares. The firm has a 50-day moving average of $18.44 and a 200-day moving average of $26.84. The stock’s market capitalization is $386.24 million. Basic Energy Services has a 12 month low of $14.03 and a 12 month high of $44.81.
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In other news, Director Samuel E. Langford purchased 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was acquired at an average cost of $14.20 per share, for a total transaction of $28,400.00. Following the completion of the purchase, the director now owns 6,300 shares of the company’s stock, valued at $89,460. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Timothy H. Day purchased 15,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was purchased at an average price of $18.69 per share, with a total value of $280,350.00. Following the completion of the purchase, the director now directly owns 20,200 shares of the company’s stock, valued at approximately $377,538. The disclosure for this purchase can be found here. Insiders have bought 29,000 shares of company stock valued at $509,990 over the last 90 days. Insiders own 11.10% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Legal & General Group Plc acquired a new position in Basic Energy Services in the second quarter worth about $112,000. Parametric Portfolio Associates LLC acquired a new position in Basic Energy Services in the first quarter worth about $215,000. Wells Fargo & Company MN grew its stake 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 purchasing an additional 5,702 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Basic Energy Services in the first quarter worth about $323,000. Finally, Nationwide Fund Advisors acquired a new position in Basic Energy Services in the second quarter worth about $245,000.
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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