Basic Energy Services Inc (NYSE:BAS) Sees Large Decline in Short Interest

Basic Energy Services Inc (NYSE:BAS) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 2,650,000 shares, a decline of 14.5% from the September 30th total of 3,100,000 shares. Based on an average daily volume of 510,900 shares, the short-interest ratio is presently 5.2 days. Currently, 11.6% of the company’s shares are sold short.

BAS traded down $0.02 during trading on Friday, hitting $0.52. The company’s stock had a trading volume of 519,680 shares, compared to its average volume of 829,613. Basic Energy Services has a twelve month low of $0.47 and a twelve month high of $7.43. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.31 and a quick ratio of 0.13. The stock’s fifty day moving average price is $0.89 and its 200-day moving average price is $1.67.

Basic Energy Services (NYSE:BAS) last issued its earnings results on Wednesday, October 30th. The oil and gas company reported ($1.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.97) by ($0.27). Basic Energy Services had a negative return on equity of 63.44% and a negative net margin of 17.69%. The firm had revenue of $178.37 million for the quarter, compared to analyst estimates of $185.70 million. On average, equities analysts anticipate that Basic Energy Services will post -4.51 EPS for the current year.

Several analysts recently commented on the company. Deutsche Bank reiterated a “buy” rating and issued a $74.00 target price on shares of Basic Energy Services in a report on Saturday, November 2nd. Jefferies Financial Group reiterated a “neutral” rating and issued a $60.00 target price on shares of Basic Energy Services in a report on Friday, October 25th. Nord/LB reiterated a “neutral” rating and issued a $66.00 target price on shares of Basic Energy Services in a report on Thursday, October 24th. Credit Suisse Group reiterated a “buy” rating and issued a $72.00 target price on shares of Basic Energy Services in a report on Friday, October 25th. Finally, UBS Group reiterated a “neutral” rating and issued a $67.00 target price on shares of Basic Energy Services in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $54.04.

In other news, Director Silver Point Capital L.P. sold 25,000 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $1.21, for a total transaction of $30,250.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 1,183,164 shares of company stock worth $1,013,627. Company insiders own 3.90% of the company’s stock.

Large investors have recently modified their holdings of the company. Morgan Stanley raised its position in shares of Basic Energy Services by 216.6% during the second quarter. Morgan Stanley now owns 14,635 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 10,012 shares during the period. Brave Asset Management Inc. raised its position in shares of Basic Energy Services by 73.1% during the second quarter. Brave Asset Management Inc. now owns 31,560 shares of the oil and gas company’s stock worth $60,000 after purchasing an additional 13,330 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Basic Energy Services by 10,697.6% during the second quarter. Tower Research Capital LLC TRC now owns 35,848 shares of the oil and gas company’s stock worth $68,000 after purchasing an additional 35,516 shares during the period. KBC Group NV acquired a new position in shares of Basic Energy Services during the second quarter worth approximately $95,000. Finally, Cetera Advisors LLC raised its position in shares of Basic Energy Services by 284.3% during the second quarter. Cetera Advisors LLC now owns 57,160 shares of the oil and gas company’s stock worth $109,000 after purchasing an additional 42,285 shares during the period. 92.79% of the stock is currently owned by institutional investors.

Basic Energy Services Company Profile

Basic Energy Services, Inc provides well site services to oil and natural gas drilling and producing companies in the United States. The company operates through Completion and Remedial Services, Well Servicing, Water Logistics, and Contract Drilling segments. The 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; underbalanced drilling in low pressure and fluid sensitive reservoirs; and cased-hole wireline services.

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