Seaport Global Securities Reaffirms “Buy” Rating for Basic Energy Services (BAS)

Seaport Global Securities reiterated their buy rating on shares of Basic Energy Services (NYSE:BAS) in a research report sent to investors on Thursday. They currently have a $40.00 target price on the oil and gas company’s stock. Seaport Global Securities also issued estimates for Basic Energy Services’ Q4 2017 earnings at ($0.36) EPS, FY2017 earnings at ($2.03) EPS, Q1 2018 earnings at ($0.30) EPS, Q2 2018 earnings at ($0.15) EPS, Q3 2018 earnings at $0.02 EPS, Q4 2018 earnings at $0.03 EPS, FY2018 earnings at ($0.40) EPS, Q1 2019 earnings at $0.01 EPS, Q2 2019 earnings at $0.16 EPS, Q3 2019 earnings at $0.40 EPS, Q4 2019 earnings at $0.33 EPS and FY2019 earnings at $0.90 EPS.

BAS has been the subject of several other research reports. Credit Suisse Group boosted their target price on shares of Basic Energy Services from $21.00 to $23.00 and gave the company a neutral rating in a research note on Monday, November 6th. Stephens started coverage on shares of Basic Energy Services in a report on Tuesday, January 9th. They set an equal weight rating and a $26.00 price target for the company. Piper Jaffray Companies reissued a hold rating and set a $24.50 price target on shares of Basic Energy Services in a report on Friday, November 17th. Zacks Investment Research raised shares of Basic Energy Services from a sell rating to a buy rating and set a $22.00 price target for the company in a report on Monday, October 2nd. Finally, ValuEngine downgraded shares of Basic Energy Services from a hold rating to a sell rating in a report on Friday, December 1st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $28.44.

Shares of Basic Energy Services (NYSE BAS) opened at $23.39 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.59 and a quick ratio of 1.42. Basic Energy Services has a 12 month low of $14.03 and a 12 month high of $44.81.

Basic Energy Services (NYSE:BAS) last released its earnings results on Thursday, November 2nd. The oil and gas company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.19. Basic Energy Services had a negative net margin of 29.23% and a negative return on equity of 24.91%. analysts forecast that Basic Energy Services will post -2.01 earnings per share for the current fiscal year.

In related news, Director Silver Point Capital L.P. sold 875,000 shares of the company’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $22.75, for a total value of $19,906,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alan Krenek sold 4,500 shares of the company’s stock in a transaction dated Wednesday, December 27th. The stock was sold at an average price of $25.05, for a total transaction of $112,725.00. Following the completion of the sale, the chief financial officer now directly owns 41,654 shares of the company’s stock, valued at approximately $1,043,432.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,582,292 shares of company stock valued at $36,990,768. Corporate insiders own 11.10% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. lifted its holdings in Basic Energy Services by 7.6% in the second quarter. Russell Investments Group Ltd. now owns 12,149 shares of the oil and gas company’s stock worth $303,000 after purchasing an additional 853 shares during the period. Legal & General Group Plc acquired a new stake in Basic Energy Services in the second quarter worth about $112,000. JPMorgan Chase & Co. lifted its holdings in Basic Energy Services by 11.9% in the second quarter. JPMorgan Chase & Co. now owns 47,118 shares of the oil and gas company’s stock worth $1,173,000 after purchasing an additional 5,021 shares during the period. Peregrine Capital Management LLC lifted its holdings in Basic Energy Services by 2.1% in the third quarter. Peregrine Capital Management LLC now owns 262,723 shares of the oil and gas company’s stock worth $5,071,000 after purchasing an additional 5,349 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its holdings in Basic Energy Services by 107.1% in the second quarter. Parametric Portfolio Associates LLC now owns 13,350 shares of the oil and gas company’s stock worth $332,000 after purchasing an additional 6,905 shares during the period.

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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.

Analyst Recommendations for Basic Energy Services (NYSE:BAS)

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