Basic Energy Services (BAS) Cut to “Buy” at ValuEngine

ValuEngine cut shares of Basic Energy Services (NYSE:BAS) from a strong-buy rating to a buy rating in a research note released on Wednesday morning.

Separately, Zacks Investment Research upgraded Basic Energy Services from a sell rating to a hold rating in a research note on Tuesday, November 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Basic Energy Services presently has an average rating of Buy and a consensus target price of $26.24.

BAS stock opened at $5.53 on Wednesday. Basic Energy Services has a 1-year low of $5.46 and a 1-year high of $26.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.28 and a current ratio of 1.45.

Basic Energy Services (NYSE:BAS) last released its quarterly earnings data on Thursday, November 1st. The oil and gas company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.22). Basic Energy Services had a negative net margin of 12.19% and a negative return on equity of 28.29%. The company had revenue of $246.33 million during the quarter, compared to the consensus estimate of $255.00 million. As a group, equities research analysts predict that Basic Energy Services will post -3.51 earnings per share for the current year.

In related news, major shareholder Ascribe Capital Llc acquired 80,900 shares of the stock in a transaction dated Tuesday, November 13th. The shares were bought at an average cost of $7.14 per share, for a total transaction of $577,626.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider David Scott Schorlemer acquired 5,000 shares of the stock in a transaction dated Friday, November 16th. The stock was bought at an average price of $7.24 per share, for a total transaction of $36,200.00. Following the completion of the purchase, the insider now owns 5,000 shares in the company, valued at approximately $36,200. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 333,702 shares of company stock worth $2,299,025. Corporate insiders own 1.95% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Wolverine Asset Management LLC acquired a new position in shares of Basic Energy Services in the 2nd quarter worth approximately $317,000. NumerixS Investment Technologies Inc boosted its holdings in shares of Basic Energy Services by 244.4% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 9,300 shares of the oil and gas company’s stock worth $105,000 after acquiring an additional 6,600 shares in the last quarter. Royce & Associates LP boosted its holdings in shares of Basic Energy Services by 11.8% in the 2nd quarter. Royce & Associates LP now owns 1,402,661 shares of the oil and gas company’s stock worth $15,584,000 after acquiring an additional 148,600 shares in the last quarter. Engineers Gate Manager LP boosted its holdings in shares of Basic Energy Services by 190.1% in the 3rd quarter. Engineers Gate Manager LP now owns 54,367 shares of the oil and gas company’s stock worth $543,000 after acquiring an additional 35,624 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Basic Energy Services by 28.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 83,183 shares of the oil and gas company’s stock worth $925,000 after acquiring an additional 18,422 shares in the last quarter. 92.84% of the stock is currently owned by institutional investors and hedge funds.

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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