Zacks Investment Research downgraded shares of Basic Energy Services, Inc. (NYSE:BAS) from a buy rating to a hold rating in a report published on Tuesday, August 1st.
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. “
A number of other brokerages have also recently issued reports on BAS. Seaport Global Securities restated a neutral rating on shares of Basic Energy Services in a research note on Friday, July 28th. Instinet restated a buy rating on shares of Basic Energy Services in a research note on Wednesday, April 19th. Credit Suisse Group assumed coverage on Basic Energy Services in a research note on Friday, July 21st. They issued a neutral rating on the stock. BidaskClub upgraded Basic Energy Services from a hold rating to a buy rating in a research note on Wednesday, July 19th. Finally, Piper Jaffray Companies restated a neutral rating and issued a $26.50 price objective (down from $33.00) on shares of Basic Energy Services in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $27.63.
Basic Energy Services (BAS) traded up 4.86% during trading on Tuesday, hitting $15.52. 419,794 shares of the company traded hands. The stock has a 50 day moving average price of $23.05 and a 200 day moving average price of $29.52. The company’s market capitalization is $382.79 million. Basic Energy Services has a 12-month low of $14.75 and a 12-month high of $44.81.
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In other Basic Energy Services news, VP Brett J. Taylor sold 7,857 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $18.07, for a total value of $141,975.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Timothy H. Day acquired 12,000 shares of the stock in a transaction on Thursday, August 10th. The stock was bought at an average price of $16.77 per share, with a total value of $201,240.00. Following the transaction, the director now directly owns 32,200 shares of the company’s stock, valued at approximately $539,994. The disclosure for this purchase can be found here. Insiders own 11.10% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new stake in shares of Basic Energy Services during the fourth quarter valued at $243,000. Thomson Horstmann & Bryant Inc. bought a new stake in shares of Basic Energy Services during the first quarter valued at $567,000. DUPONT CAPITAL MANAGEMENT Corp increased its stake in shares of Basic Energy Services by 2.2% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 33,111 shares of the oil and gas company’s stock valued at $1,105,000 after buying an additional 706 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Basic Energy Services by 393.2% in the first quarter. Wells Fargo & Company MN now owns 7,152 shares of the oil and gas company’s stock valued at $239,000 after buying an additional 5,702 shares during the last quarter. Finally, Jennison Associates LLC bought a new stake in shares of Basic Energy Services during the first quarter valued at $14,423,000. Hedge funds and other institutional investors own 96.06% of the company’s stock.
Basic Energy Services Company Profile
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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