Basic Energy Services Inc (NYSE:BAS) – Seaport Global Securities lowered their Q2 2019 EPS estimates for Basic Energy Services in a report issued on Monday, June 10th. Seaport Global Securities analyst M. Urban now expects that the oil and gas company will post earnings per share of ($0.81) for the quarter, down from their prior estimate of ($0.72). Seaport Global Securities has a “Buy” rating and a $3.00 price target on the stock. Seaport Global Securities also issued estimates for Basic Energy Services’ Q3 2019 earnings at ($0.47) EPS, Q4 2019 earnings at ($0.57) EPS, FY2019 earnings at ($2.85) EPS, Q1 2020 earnings at ($0.75) EPS, Q2 2020 earnings at ($0.35) EPS, Q3 2020 earnings at ($0.02) EPS, Q4 2020 earnings at ($0.15) EPS and FY2020 earnings at ($1.25) EPS.
Basic Energy Services (NYSE:BAS) last issued its quarterly earnings results on Thursday, May 9th. The oil and gas company reported ($1.02) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.21) by $0.19. The firm had revenue of $197.20 million for the quarter, compared to analysts’ expectations of $202.40 million. Basic Energy Services had a negative return on equity of 41.96% and a negative net margin of 15.27%.
BAS has been the topic of several other research reports. ValuEngine cut Basic Energy Services from a “buy” rating to a “hold” rating in a research report on Monday, April 1st. Zacks Investment Research upgraded Basic Energy Services from a “sell” rating to a “hold” rating in a research report on Monday, March 4th.
Shares of BAS stock opened at $1.94 on Thursday. Basic Energy Services has a 52-week low of $1.58 and a 52-week high of $13.25. The company has a current ratio of 1.49, a quick ratio of 1.30 and a debt-to-equity ratio of 1.73.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC increased its position in Basic Energy Services by 2,249.1% during the 4th quarter. Barclays PLC now owns 9,960 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 9,536 shares during the period. Stone Ridge Asset Management LLC acquired a new position in Basic Energy Services during the 4th quarter worth approximately $42,000. Virtu Financial LLC acquired a new position in Basic Energy Services during the 1st quarter worth approximately $45,000. SG Americas Securities LLC acquired a new position in Basic Energy Services during the 4th quarter worth approximately $49,000. Finally, Ellington Management Group LLC acquired a new position in Basic Energy Services during the 1st quarter worth approximately $60,000. Institutional investors own 87.79% of the company’s stock.
In other Basic Energy Services news, Director James D. Kern bought 20,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were bought at an average price of $1.99 per share, for a total transaction of $39,800.00. Following the transaction, the director now owns 66,100 shares of the company’s stock, valued at approximately $131,539. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Monroe Patterson bought 51,750 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were acquired at an average price of $1.90 per share, for a total transaction of $98,325.00. Following the transaction, the chief executive officer now directly owns 466,882 shares in the company, valued at approximately $887,075.80. The disclosure for this purchase can be found here. Insiders purchased a total of 408,720 shares of company stock worth $957,191 in the last 90 days. 3.90% of the stock is currently owned by insiders.
About Basic Energy Services
Basic Energy Services, Inc provides well site services to oil and natural gas drilling and producing companies in the United States. The company operates through Completion and Remedial Services, Well Servicing, Water Logistics, and Contract Drilling segments. The Completion and Remedial Services segment offers pumping services, such as cementing, acidizing, fracturing, nitrogen, and pressure testing; rental and fishing tools; coiled tubing; snubbing services; thru-tubing; underbalanced drilling in low pressure and fluid sensitive reservoirs; and cased-hole wireline services.
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