Zacks Investment Research upgraded shares of Basic Energy Services, Inc. (NYSE:BAS) from a hold rating to a buy rating in a research report sent to investors on Wednesday, July 26th. The brokerage currently has $31.00 target price on the oil and gas company’s stock.
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 research firms have also recently commented on BAS. Credit Suisse Group started coverage on shares of Basic Energy Services in a research note on Friday, July 21st. They set a neutral rating for the company. Seaport Global Securities upgraded shares of Basic Energy Services from a neutral rating to a buy rating in a research note on Thursday, March 30th. Instinet reiterated a buy rating on shares of Basic Energy Services in a research note on Wednesday, April 19th. Nomura assumed coverage on shares of Basic Energy Services in a research note on Wednesday, April 19th. They issued a buy rating and a $51.00 price objective for the company. Finally, Piper Jaffray Companies restated a neutral rating and issued a $26.50 price objective (down previously from $33.00) on shares of Basic Energy Services in a research note on Wednesday, July 12th. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $27.63.
Basic Energy Services (BAS) opened at 17.47 on Wednesday. The firm has a 50-day moving average of $24.89 and a 200 day moving average of $31.25. Basic Energy Services has a 1-year low of $16.68 and a 1-year high of $44.81. The firm’s market cap is $430.88 million.
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A number of large investors have recently modified their holdings of BAS. Victory Capital Management Inc. bought a new stake in shares of Basic Energy Services during the first quarter worth approximately $28,891,000. Vanguard Group Inc. bought a new stake in shares of Basic Energy Services during the first quarter worth approximately $20,818,000. Southpoint Capital Advisors LP bought a new stake in shares of Basic Energy Services during the first quarter worth approximately $18,348,000. Jennison Associates LLC bought a new stake in shares of Basic Energy Services during the first quarter worth approximately $14,423,000. Finally, Citadel Advisors LLC raised its stake in shares of Basic Energy Services by 230.1% in the first quarter. Citadel Advisors LLC now owns 551,233 shares of the oil and gas company’s stock worth $18,389,000 after buying an additional 384,228 shares in the last quarter. 95.27% of the stock is currently owned by hedge funds and other institutional investors.
About Basic Energy Services
Basic Energy Services, Inc provides a range of well site services in the United States to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services, well servicing and contract drilling. The Company operates through the segment, which include Completion and Remedial Services, Fluid Services, Well Servicing and Contract Drilling.
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