Basic Energy Services (BAS) Sets New 52-Week Low at $5.61

Basic Energy Services Inc (NYSE:BAS) shares hit a new 52-week low during trading on Thursday . The company traded as low as $5.61 and last traded at $5.64, with a volume of 16936 shares traded. The stock had previously closed at $5.98.

BAS has been the topic of a number of recent research reports. ValuEngine cut Basic Energy Services from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Zacks Investment Research upgraded Basic Energy Services from a “sell” rating to a “hold” rating in a research note on Tuesday, November 6th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Basic Energy Services has a consensus rating of “Buy” and an average price target of $26.24.

The company has a current ratio of 1.45, a quick ratio of 1.28 and a debt-to-equity ratio of 1.07.

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

In other Basic Energy Services news, Director Timothy H. Day bought 30,000 shares of the company’s stock in a transaction dated Tuesday, November 20th. The shares were acquired at an average cost of $6.91 per share, with a total value of $207,300.00. Following the completion of the transaction, the director now owns 44,522 shares in the company, valued at $307,647.02. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Ascribe Capital Llc bought 54,328 shares of the company’s stock in a transaction dated Tuesday, October 30th. The shares were acquired at an average cost of $7.42 per share, for a total transaction of $403,113.76. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 333,702 shares of company stock worth $2,299,025. Corporate insiders own 1.95% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in BAS. NumerixS Investment Technologies Inc increased its holdings in Basic Energy Services by 244.4% in the second quarter. NumerixS Investment Technologies Inc now owns 9,300 shares of the oil and gas company’s stock valued at $105,000 after buying an additional 6,600 shares during the last quarter. Macquarie Group Ltd. grew its holdings in shares of Basic Energy Services by 408.3% during the second quarter. Macquarie Group Ltd. now owns 18,300 shares of the oil and gas company’s stock valued at $203,000 after purchasing an additional 14,700 shares during the last quarter. BlueMountain Capital Management LLC boosted its position in shares of Basic Energy Services by 62.8% during the third quarter. BlueMountain Capital Management LLC now owns 21,079 shares of the oil and gas company’s stock worth $211,000 after buying an additional 8,130 shares during the period. Panagora Asset Management Inc. acquired a new position in shares of Basic Energy Services during the third quarter worth approximately $218,000. Finally, OppenheimerFunds Inc. boosted its position in shares of Basic Energy Services by 112.5% during the second quarter. OppenheimerFunds Inc. now owns 23,800 shares of the oil and gas company’s stock worth $264,000 after buying an additional 12,600 shares during the period. 92.84% of the stock is currently owned by institutional investors and hedge funds.

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About Basic Energy Services (NYSE:BAS)

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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