Basic Energy Services, Inc. (BAS) Stock Rating Reaffirmed by Credit Suisse Group
Basic Energy Services, Inc. (NYSE:BAS)‘s stock had its “neutral” rating reiterated by analysts at Credit Suisse Group in a research note issued on Monday. They presently have a $21.00 price target on the oil and gas company’s stock, down from their prior price target of $30.00. Credit Suisse Group’s price target indicates a potential upside of 20.90% from the stock’s previous close.
BAS has been the subject of a number of other reports. BidaskClub cut Basic Energy Services from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Zacks Investment Research cut Basic Energy Services from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Seaport Global Securities reissued a “neutral” rating on shares of Basic Energy Services in a report on Friday, July 28th. Evercore ISI reissued an “outperform” rating and set a $19.00 price objective on shares of Basic Energy Services in a report on Tuesday, September 5th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $26.50 price objective on shares of Basic Energy Services in a report on Friday, September 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Basic Energy Services presently has a consensus rating of “Hold” and a consensus price target of $25.08.
Basic Energy Services (NYSE BAS) traded up 0.64% during trading on Monday, hitting $17.35. 519,356 shares of the stock traded hands. The stock’s market cap is $427.92 million. The company has a 50-day moving average price of $15.46 and a 200 day moving average price of $15.46. Basic Energy Services has a one year low of $14.80 and a one year high of $44.75.
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In other Basic Energy Services 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 cost of $18.69 per share, for a total transaction of $280,350.00. Following the completion of the purchase, the director now owns 20,200 shares in the company, valued at approximately $377,538. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy H. Day bought 12,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was acquired at an average price of $16.77 per share, with a total value of $201,240.00. Following the completion of the purchase, the director now owns 32,200 shares of the company’s stock, valued at approximately $539,994. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 29,000 shares of company stock valued at $509,990 and sold 11,157 shares valued at $192,325. Company insiders own 11.10% of the company’s stock.
Several large investors have recently made changes to their positions in BAS. Legal & General Group Plc acquired a new stake in shares of Basic Energy Services in the second quarter valued at $112,000. Parametric Portfolio Associates LLC acquired a new stake in shares of Basic Energy Services in the first quarter valued at $215,000. Wells Fargo & Company MN increased its stake 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 in the last quarter. Nationwide Fund Advisors acquired a new stake in shares of Basic Energy Services in the second quarter valued at $245,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Basic Energy Services by 7.6% in the second quarter. Russell Investments Group Ltd. now owns 12,149 shares of the oil and gas company’s stock valued at $303,000 after buying an additional 853 shares in the last quarter.
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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