Brokerages Set Basic Energy Services, Inc. (BAS) Price Target at $27.90
Basic Energy Services, Inc. (NYSE:BAS) has earned a consensus recommendation of “Hold” from the twelve brokerages that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $27.90.
A number of research firms have issued reports on BAS. Credit Suisse Group lifted their target price on shares of Basic Energy Services from $21.00 to $23.00 and gave the company a “neutral” rating in a research note on Monday, November 6th. Evercore ISI reiterated an “outperform” rating and issued a $19.00 target price on shares of Basic Energy Services in a research note on Tuesday, September 5th. BidaskClub cut shares of Basic Energy Services from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 17th. Piper Jaffray Companies restated a “hold” rating and issued a $24.50 price objective on shares of Basic Energy Services in a research note on Friday, November 17th. Finally, Zacks Investment Research upgraded shares of Basic Energy Services from a “sell” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Monday, October 2nd.
In related news, insider Thomas Monroe Patterson sold 1,500 shares of the business’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $18.83, for a total transaction of $28,245.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Silver Point Capital L.P. sold 875,000 shares of the business’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $22.75, for a total transaction of $19,906,250.00. The disclosure for this sale can be found here. Insiders sold 888,807 shares of company stock valued at $20,174,030 over the last 90 days. 11.10% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc bought a new position in Basic Energy Services during the second quarter worth $112,000. Parametric Portfolio Associates LLC bought a new position in Basic Energy Services during the first quarter worth $215,000. Nationwide Fund Advisors bought a new position in Basic Energy Services during the second quarter worth $245,000. Russell Investments Group Ltd. increased its position in Basic Energy Services by 7.6% during the second quarter. Russell Investments Group Ltd. now owns 12,149 shares of the oil and gas company’s stock worth $303,000 after acquiring an additional 853 shares during the period. Finally, Bank of America Corp DE increased its position in Basic Energy Services by 179.4% during the first quarter. Bank of America Corp DE now owns 13,379 shares of the oil and gas company’s stock worth $446,000 after acquiring an additional 8,591 shares during the period.
Basic Energy Services (BAS) traded up $1.24 during midday trading on Monday, reaching $23.61. 308,746 shares of the company’s stock were exchanged, compared to its average volume of 501,319. The company has a quick ratio of 1.42, a current ratio of 1.59 and a debt-to-equity ratio of 0.76. Basic Energy Services has a 1 year low of $14.03 and a 1 year high of $44.81.
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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