Equities Analysts Issue Forecasts for Basic Energy Services, Inc.’s FY2017 Earnings (BAS)
Basic Energy Services, Inc. (NYSE:BAS) – Equities researchers at Seaport Global Securities dropped their FY2017 EPS estimates for shares of Basic Energy Services in a note issued to investors on Wednesday. Seaport Global Securities analyst M. Urban now forecasts that the oil and gas company will earn ($2.03) per share for the year, down from their prior forecast of ($1.86). Seaport Global Securities currently has a “Buy” rating and a $40.00 target price on the stock. Seaport Global Securities also issued estimates for Basic Energy Services’ Q4 2017 earnings at ($0.36) EPS, Q1 2018 earnings at ($0.30) EPS, Q2 2018 earnings at ($0.15) EPS, Q3 2018 earnings at $0.02 EPS, Q4 2018 earnings at $0.03 EPS, FY2018 earnings at ($0.40) EPS, Q1 2019 earnings at $0.01 EPS, Q2 2019 earnings at $0.16 EPS, Q3 2019 earnings at $0.40 EPS, Q4 2019 earnings at $0.33 EPS and FY2019 earnings at $0.90 EPS.
A number of other brokerages have also weighed in on BAS. Stephens assumed coverage on Basic Energy Services in a research note on Tuesday, January 9th. They set an “equal weight” rating and a $26.00 price target on the stock. ValuEngine lowered Basic Energy Services from a “hold” rating to a “sell” rating in a research note on Friday, December 1st. Credit Suisse Group boosted their price target on Basic Energy Services from $21.00 to $23.00 and gave the stock a “neutral” rating in a research note on Monday, November 6th. Zacks Investment Research upgraded Basic Energy Services from a “sell” rating to a “hold” rating in a research note on Wednesday, November 8th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $24.50 target price on shares of Basic Energy Services in a report on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $28.44.
Basic Energy Services (NYSE:BAS) last issued its quarterly earnings results on Thursday, November 2nd. The oil and gas company reported ($0.24) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.43) by $0.19. Basic Energy Services had a negative return on equity of 24.91% and a negative net margin of 29.23%.
A number of large investors have recently made changes to their positions in BAS. Russell Investments Group Ltd. lifted its holdings in 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 acquiring an additional 853 shares during the period. Schwab Charles Investment Management Inc. acquired a new position in Basic Energy Services in the second quarter valued at approximately $1,090,000. Rhumbline Advisers acquired a new position in Basic Energy Services in the second quarter valued at approximately $534,000. Bank of New York Mellon Corp lifted its holdings in Basic Energy Services by 333.6% in the second quarter. Bank of New York Mellon Corp now owns 120,983 shares of the oil and gas company’s stock valued at $3,012,000 after acquiring an additional 93,082 shares during the period. Finally, Legal & General Group Plc acquired a new position in Basic Energy Services in the second quarter valued at approximately $112,000.
In other Basic Energy Services news, insider Thomas Monroe Patterson sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $24.68, for a total value of $37,020.00. Following the completion of the transaction, the insider now directly owns 93,979 shares of the company’s stock, valued at $2,319,401.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ascribe Capital Llc sold 24,000 shares of the business’s stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $26.17, for a total value of $628,080.00. The disclosure for this sale can be found here. Insiders have sold 1,574,792 shares of company stock valued at $36,810,543 in the last ninety days. Corporate insiders own 11.10% of the company’s stock.
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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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