Basic Energy Services (BAS) Downgraded by ValuEngine to “Buy”

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ValuEngine lowered shares of Basic Energy Services (NYSE:BAS) from a strong-buy rating to a buy rating in a report released on Wednesday morning.

Separately, Zacks Investment Research upgraded shares of Basic Energy Services from a sell rating to a hold rating in a research report on Tuesday, November 6th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Basic Energy Services presently has an average rating of Buy and an average target price of $26.24.

NYSE:BAS opened at $5.53 on Wednesday. Basic Energy Services has a 52-week low of $5.46 and a 52-week high of $26.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.28 and a current ratio of 1.45.

Basic Energy Services (NYSE:BAS) last posted its quarterly earnings data on Thursday, November 1st. The oil and gas company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.22). The firm had revenue of $246.33 million for the quarter, compared to analyst estimates of $255.00 million. Basic Energy Services had a negative return on equity of 28.29% and a negative net margin of 12.19%. Equities research analysts expect that Basic Energy Services will post -3.51 earnings per share for the current fiscal year.

In other Basic Energy Services news, major shareholder Ascribe Capital Llc bought 54,328 shares of the company’s stock in a transaction on Tuesday, October 30th. The stock was bought at an average price of $7.42 per share, for a total transaction of $403,113.76. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David Scott Schorlemer bought 10,000 shares of the company’s stock in a transaction on Monday, November 19th. The shares were acquired at an average price of $7.12 per share, with a total value of $71,200.00. Following the transaction, the insider now directly owns 5,000 shares in the company, valued at approximately $35,600. The disclosure for this purchase can be found here. Insiders have acquired a total of 333,702 shares of company stock valued at $2,299,025 in the last quarter. Corporate insiders own 1.95% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NumerixS Investment Technologies Inc increased its position in shares of Basic Energy Services by 244.4% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 9,300 shares of the oil and gas company’s stock valued at $105,000 after buying an additional 6,600 shares in the last quarter. BlueMountain Capital Management LLC increased its position in shares of Basic Energy Services by 62.8% in the 3rd quarter. BlueMountain Capital Management LLC now owns 21,079 shares of the oil and gas company’s stock valued at $211,000 after buying an additional 8,130 shares in the last quarter. OppenheimerFunds Inc. increased its position in shares of Basic Energy Services by 112.5% in the 2nd quarter. OppenheimerFunds Inc. now owns 23,800 shares of the oil and gas company’s stock valued at $264,000 after buying an additional 12,600 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of Basic Energy Services by 408.3% in the 2nd quarter. Macquarie Group Ltd. now owns 18,300 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 14,700 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Basic Energy Services by 28.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 83,183 shares of the oil and gas company’s stock valued at $925,000 after buying an additional 18,422 shares in the last quarter. Institutional investors and hedge funds own 92.84% of the company’s stock.

About Basic Energy Services

Basic Energy Services, Inc provides well site services to oil and natural gas drilling and producing companies in the United States. Its 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; cased-hole wireline services; and underbalanced drilling in low pressure and fluid sensitive reservoirs.

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