Basic Energy Services, Inc. (NYSE:BAS) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a note issued to investors on Wednesday.

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. “

A number of other analysts have also commented on the stock. Credit Suisse Group reiterated a “neutral” rating and issued a $21.00 price target (down from $30.00) on shares of Basic Energy Services in a research note on Monday, September 25th. Piper Jaffray Companies reiterated a “hold” rating and issued a $26.50 price target on shares of Basic Energy Services in a research note on Friday, September 8th. Evercore ISI reiterated an “outperform” rating and issued a $19.00 price target on shares of Basic Energy Services in a research note on Tuesday, September 5th. BidaskClub lowered shares of Basic Energy Services from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 17th. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Basic Energy Services in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $23.58.

Basic Energy Services (BAS) traded down 1.26% on Wednesday, reaching $19.56. 709,920 shares of the company’s stock were exchanged. The company’s market cap is $482.43 million. The firm’s 50 day moving average price is $17.29 and its 200 day moving average price is $17.29. Basic Energy Services has a 52-week low of $14.80 and a 52-week high of $44.75.

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In other Basic Energy Services news, Director Timothy H. Day acquired 12,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were bought at an average price of $16.77 per share, with a total value of $201,240.00. Following the completion of the acquisition, the director now owns 32,200 shares in the company, valued at approximately $539,994. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Brett J. Taylor sold 7,857 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $18.07, for a total transaction of $141,975.99. The disclosure for this sale can be found here. In the last three months, insiders purchased 29,000 shares of company stock worth $509,990 and sold 13,657 shares worth $241,075. Company insiders own 11.10% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Phocas Financial Corp. boosted its holdings in shares of Basic Energy Services by 107.0% in the second quarter. Phocas Financial Corp. now owns 160,792 shares of the oil and gas company’s stock worth $4,004,000 after buying an additional 83,108 shares during the last quarter. Glendon Capital Management LP purchased a new position in shares of Basic Energy Services in the second quarter worth approximately $7,847,000. California State Teachers Retirement System purchased a new position in shares of Basic Energy Services in the second quarter worth approximately $767,000. The Manufacturers Life Insurance Company boosted its holdings in shares of Basic Energy Services by 1,638.9% in the second quarter. The Manufacturers Life Insurance Company now owns 14,711 shares of the oil and gas company’s stock worth $366,000 after buying an additional 13,865 shares during the last quarter. Finally, State Street Corp purchased a new position in shares of Basic Energy Services in the second quarter worth approximately $15,122,000.

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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Analyst Recommendations for Basic Energy Services (NYSE:BAS)

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