Zacks Investment Research upgraded shares of Basic Energy Services, Inc. (NYSE:BAS) from a sell rating to a hold rating in a research report report published on Wednesday.
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 weighed in on BAS. Credit Suisse Group initiated coverage on Basic Energy Services in a research report on Friday, July 21st. They set a neutral rating on the stock. Deutsche Bank AG initiated coverage on Basic Energy Services in a research report on Tuesday, October 10th. They set a hold rating and a $22.00 price objective on the stock. Piper Jaffray Companies reaffirmed a hold rating and set a $26.50 price objective on shares of Basic Energy Services in a research report on Friday, September 8th. BidaskClub cut Basic Energy Services from a hold rating to a sell rating in a research report on Wednesday, August 9th. Finally, Seaport Global Securities reaffirmed a neutral rating on shares of Basic Energy Services in a research report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Basic Energy Services presently has an average rating of Hold and an average target price of $27.25.
Shares of Basic Energy Services (NYSE BAS) opened at $21.89 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.15 and a current ratio of 1.59. Basic Energy Services has a 12 month low of $14.03 and a 12 month high of $44.81.
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In other news, Director Samuel E. Langford acquired 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was bought at an average cost of $14.20 per share, for a total transaction of $28,400.00. Following the acquisition, the director now directly owns 6,300 shares in the company, valued at $89,460. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP John Cody Bissett sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $19.50, for a total transaction of $48,750.00. Following the completion of the transaction, the vice president now owns 3,401 shares of the company’s stock, valued at $66,319.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 888,807 shares of company stock valued at $20,167,925. 11.10% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Key Group Holdings Cayman LTD. purchased a new stake in Basic Energy Services during the 2nd quarter valued at $40,639,000. Vanguard Group Inc. raised its stake in Basic Energy Services by 74.5% during the 2nd quarter. Vanguard Group Inc. now owns 1,088,728 shares of the oil and gas company’s stock valued at $27,109,000 after buying an additional 464,691 shares during the last quarter. Cramer Rosenthal Mcglynn LLC raised its stake in Basic Energy Services by 22.7% during the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,022,597 shares of the oil and gas company’s stock valued at $25,463,000 after buying an additional 189,017 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in Basic Energy Services during the 2nd quarter valued at $25,018,000. Finally, Royce & Associates LP raised its stake in Basic Energy Services by 85.1% during the 2nd quarter. Royce & Associates LP now owns 663,510 shares of the oil and gas company’s stock valued at $16,521,000 after buying an additional 305,000 shares during the last quarter.
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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