Zacks Investment Research lowered shares of Basic Energy Services (NYSE:BAS) from a hold rating to a sell rating in a report issued on Tuesday.
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. “
Several other equities research analysts have also recently issued reports on the stock. ValuEngine raised shares of Basic Energy Services from a sell rating to a hold rating in a research note on Friday, June 1st. Piper Jaffray Companies raised shares of Basic Energy Services from a neutral rating to an overweight rating and set a $12.72 target price on the stock in a research report on Monday, May 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Basic Energy Services presently has a consensus rating of Hold and a consensus price target of $23.53.
Basic Energy Services opened at $11.11 on Tuesday, Marketbeat Ratings reports. Basic Energy Services has a 12-month low of $10.97 and a 12-month high of $29.58. The company has a current ratio of 1.55, a quick ratio of 1.36 and a debt-to-equity ratio of 0.87.
Basic Energy Services (NYSE:BAS) last released its quarterly earnings results on Thursday, May 3rd. The oil and gas company reported ($0.87) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.66) by ($0.21). Basic Energy Services had a negative return on equity of 17.01% and a negative net margin of 9.66%. The firm had revenue of $234.67 million for the quarter. equities analysts expect that Basic Energy Services will post -1.99 earnings per share for the current fiscal year.
In related news, VP William Timothy Dame sold 11,878 shares of the firm’s stock in a transaction that occurred on Thursday, May 10th. The shares were sold at an average price of $15.15, for a total value of $179,951.70. Following the sale, the vice president now directly owns 11,877 shares of the company’s stock, valued at $179,936.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 17,278 shares of company stock worth $256,086 over the last three months. Corporate insiders own 1.95% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BAS. Foundry Partners LLC raised its holdings in Basic Energy Services by 91.2% in the first quarter. Foundry Partners LLC now owns 227,090 shares of the oil and gas company’s stock valued at $3,279,000 after buying an additional 108,340 shares during the period. Millennium Management LLC raised its holdings in Basic Energy Services by 16.3% in the first quarter. Millennium Management LLC now owns 1,164,095 shares of the oil and gas company’s stock valued at $16,810,000 after buying an additional 163,202 shares during the period. Guggenheim Capital LLC raised its holdings in Basic Energy Services by 86.6% in the first quarter. Guggenheim Capital LLC now owns 23,383 shares of the oil and gas company’s stock valued at $337,000 after buying an additional 10,854 shares during the period. Koch Industries Inc. purchased a new position in Basic Energy Services in the first quarter valued at approximately $227,000. Finally, Russell Investments Group Ltd. raised its holdings in Basic Energy Services by 44.4% in the first quarter. Russell Investments Group Ltd. now owns 64,761 shares of the oil and gas company’s stock valued at $936,000 after buying an additional 19,926 shares during the period.
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. Its 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; cased-hole wireline services; and underbalanced drilling in low pressure and fluid sensitive reservoirs.
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