Dimensional Fund Advisors LP grew its stake in shares of Basic Energy Services Inc (NYSE:BAS) by 30.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,935,658 shares of the oil and gas company’s stock after purchasing an additional 452,039 shares during the period. Dimensional Fund Advisors LP owned about 7.31% of Basic Energy Services worth $21,505,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in BAS. Millennium Management LLC raised its position in Basic Energy Services by 16.3% during 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. Royce & Associates LP raised its position in Basic Energy Services by 11.8% during the second quarter. Royce & Associates LP now owns 1,402,661 shares of the oil and gas company’s stock valued at $15,584,000 after buying an additional 148,600 shares during the period. BlackRock Inc. raised its position in Basic Energy Services by 10.5% during the second quarter. BlackRock Inc. now owns 1,433,031 shares of the oil and gas company’s stock valued at $15,921,000 after buying an additional 136,623 shares during the period. Spark Investment Management LLC acquired a new position in Basic Energy Services during the second quarter valued at $1,271,000. Finally, Foundry Partners LLC raised its position in Basic Energy Services by 91.2% during 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.
Shares of BAS stock opened at $10.18 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.30 and a debt-to-equity ratio of 0.99. Basic Energy Services Inc has a fifty-two week low of $7.43 and a fifty-two week high of $26.75. The stock has a market capitalization of $264.44 million, a price-to-earnings ratio of -4.57 and a beta of 2.70.
Basic Energy Services (NYSE:BAS) last issued its earnings results on Tuesday, July 31st. The oil and gas company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($0.21). Basic Energy Services had a negative return on equity of 20.44% and a negative net margin of 10.94%. The firm had revenue of $253.37 million during the quarter, compared to analyst estimates of $257.50 million. Equities research analysts expect that Basic Energy Services Inc will post -3.13 earnings per share for the current fiscal year.
In other news, major shareholder Ascribe Capital Llc bought 200,000 shares of the company’s stock in a transaction on Thursday, August 2nd. The shares were bought at an average cost of $7.52 per share, with a total value of $1,504,000.00. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James D. Kern bought 14,000 shares of the company’s stock in a transaction on Friday, August 3rd. The stock was purchased at an average cost of $7.61 per share, for a total transaction of $106,540.00. Following the completion of the transaction, the director now owns 26,100 shares in the company, valued at $198,621. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 216,500 shares of company stock worth $1,632,415 and sold 4,800 shares worth $48,723. Corporate insiders own 1.95% of the company’s stock.
Several research analysts recently weighed in on the company. ValuEngine lowered Basic Energy Services from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Zacks Investment Research lowered Basic Energy Services from a “hold” rating to a “sell” rating in a research report on Tuesday, June 26th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Basic Energy Services has an average rating of “Hold” and an average target price of $25.43.
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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