Zacks Investment Research downgraded shares of Basic Energy Services, Inc. (NYSE:BAS) from a buy rating to a sell rating in a report released on Wednesday morning.

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. “

BAS has been the subject of a number of other reports. BidaskClub upgraded Basic Energy Services from a hold rating to a buy rating in a research note on Wednesday, July 19th. Seaport Global Securities downgraded Basic Energy Services from a buy rating to a neutral rating in a research note on Wednesday, June 21st. Evercore ISI restated an outperform rating and set a $19.00 price target on shares of Basic Energy Services in a research note on Tuesday, September 5th. Piper Jaffray Companies restated a neutral rating and set a $26.50 price target (down from $33.00) on shares of Basic Energy Services in a research note on Wednesday, July 12th. Finally, Credit Suisse Group restated a neutral rating and set a $21.00 price target (down from $30.00) on shares of Basic Energy Services in a research note on Monday, September 25th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $23.58.

Shares of Basic Energy Services (BAS) opened at 18.53 on Wednesday. The stock’s market capitalization is $457.02 million. The firm’s 50-day moving average is $17.59 and its 200 day moving average is $17.59. Basic Energy Services has a 12-month low of $14.80 and a 12-month high of $44.75.

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In other news, VP Brett J. Taylor sold 7,857 shares of Basic Energy Services stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $18.07, for a total transaction of $141,975.99. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Timothy H. Day acquired 15,000 shares of the stock in a transaction dated Monday, August 7th. The shares were bought at an average cost of $18.69 per share, for a total transaction of $280,350.00. Following the completion of the transaction, the director now owns 20,200 shares in the company, valued at $377,538. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 29,000 shares of company stock worth $509,990 and have sold 13,657 shares worth $241,075. 11.10% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of BAS. Legal & General Group Plc purchased a new position in shares of Basic Energy Services during the 2nd quarter valued at about $112,000. Parametric Portfolio Associates LLC purchased a new position in Basic Energy Services in the 1st quarter worth approximately $215,000. Wells Fargo & Company MN lifted its holdings in Basic Energy Services by 393.2% in the 1st quarter. Wells Fargo & Company MN now owns 7,152 shares of the oil and gas company’s stock worth $239,000 after purchasing an additional 5,702 shares in the last quarter. Nationwide Fund Advisors purchased a new position in Basic Energy Services in the 2nd quarter worth approximately $245,000. Finally, Russell Investments Group Ltd. lifted its holdings in Basic Energy Services by 7.6% in the 2nd 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 in 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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