Basic Energy Services (NYSE:BAS) was upgraded by research analysts at Seaport Global Securities from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, December 20th, Marketbeat reports.
Other equities analysts have also issued research reports about the company. 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. Zacks Investment Research raised Basic Energy Services from a “sell” rating to a “hold” rating in a report on Wednesday, November 8th. Credit Suisse Group reaffirmed a “neutral” rating and set a $21.00 target price (down previously from $30.00) on shares of Basic Energy Services in a report on Monday, September 25th. 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. Finally, Deutsche Bank began coverage on Basic Energy Services in a research report on Tuesday, October 10th. They set a “hold” rating and a $22.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $26.79.
Basic Energy Services (NYSE BAS) traded up $0.30 on Wednesday, reaching $25.72. The company’s stock had a trading volume of 366,841 shares, compared to its average volume of 308,905. Basic Energy Services has a 52 week low of $14.03 and a 52 week high of $44.81. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.59 and a quick ratio of 1.42. The stock has a market capitalization of $661.64 and a price-to-earnings ratio of -3.93.
In other Basic Energy Services news, insider Thomas Monroe Patterson sold 1,500 shares of the business’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $18.83, for a total transaction of $28,245.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Alan Krenek sold 4,500 shares of the business’s stock in a transaction on Wednesday, December 27th. The stock was sold at an average price of $25.05, for a total value of $112,725.00. Following the transaction, the chief financial officer now directly owns 41,654 shares in the company, valued at approximately $1,043,432.70. The disclosure for this sale can be found here. Insiders have sold 1,505,792 shares of company stock valued at $35,023,488 over the last quarter. 0.69% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAS. Vanguard Group Inc. acquired a new position in Basic Energy Services during the first quarter worth $20,818,000. Bank of America Corp DE lifted its stake in shares of Basic Energy Services by 179.4% in the 1st quarter. Bank of America Corp DE now owns 13,379 shares of the oil and gas company’s stock valued at $446,000 after purchasing an additional 8,591 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Basic Energy Services by 7.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 12,149 shares of the oil and gas company’s stock valued at $303,000 after purchasing an additional 853 shares during the last quarter. Schwab Charles Investment Management Inc. acquired a new position in shares of Basic Energy Services in the 2nd quarter valued at $1,090,000. Finally, Rhumbline Advisers acquired a new position in shares of Basic Energy Services in the 2nd quarter valued at $534,000.
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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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