Basic Energy Services Inc. (BAS) Downgraded by Zacks Investment Research to Hold
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 equities research analysts have also issued reports on the company. Iberia Capital lowered Basic Energy Services from an outperform rating to a sector perform rating in a research note on Monday, July 25th. Macquarie upgraded Basic Energy Services from an underperform rating to a neutral rating in a research note on Tuesday, August 9th. Wunderlich cut their price target on Basic Energy Services from $2.00 to $1.00 and set a hold rating for the company in a research note on Monday, July 25th. BMO Capital Markets reiterated a hold rating on shares of Basic Energy Services in a research note on Tuesday, August 9th. Finally, Deutsche Bank AG cut their price target on Basic Energy Services from $5.00 to $2.00 and set a buy rating for the company in a research note on Tuesday, July 26th. Eighteen equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $2.68.
Basic Energy Services (NYSE:BAS) opened at 0.7126 on Tuesday. The stock has a 50 day moving average price of $0.61 and a 200 day moving average price of $1.45. The stock’s market cap is $29.12 million. Basic Energy Services has a 12-month low of $0.37 and a 12-month high of $4.57.
Basic Energy Services (NYSE:BAS) last issued its quarterly earnings results on Thursday, July 21st. The company reported ($1.34) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.38) by $0.04. Basic Energy Services had a negative return on equity of 380.17% and a negative net margin of 55.62%. On average, analysts forecast that Basic Energy Services will post ($5.25) earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Chubb Ltd. bought a new position in shares of Basic Energy Services during the first quarter worth approximately $256,000. Royce & Associates LP raised its position in shares of Basic Energy Services by 12.0% in the second quarter. Royce & Associates LP now owns 140,000 shares of the company’s stock worth $235,000 after buying an additional 15,000 shares during the period. Paloma Partners Management Co bought a new position in shares of Basic Energy Services during the second quarter worth approximately $260,000. KCG Holdings Inc. raised its position in shares of Basic Energy Services by 111.2% in the second quarter. KCG Holdings Inc. now owns 179,441 shares of the company’s stock worth $301,000 after buying an additional 94,462 shares during the period. Finally, Guggenheim Capital LLC raised its position in shares of Basic Energy Services by 10.6% in the second quarter. Guggenheim Capital LLC now owns 182,784 shares of the company’s stock worth $307,000 after buying an additional 17,524 shares during the period. 55.68% of the stock is currently owned by institutional investors and hedge funds.
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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