Basic Energy Services, Inc. (BAS) Rating Increased to Buy at Zacks Investment Research
Basic Energy Services, Inc. (NYSE:BAS) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report issued on Monday. The brokerage presently has a $22.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.06% from the stock’s previous close.
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 research firms also recently commented on BAS. BidaskClub upgraded Basic Energy Services from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Seaport Global Securities lowered shares of Basic Energy Services from a “buy” rating to a “neutral” rating in a report on Wednesday, June 21st. Evercore ISI restated an “outperform” rating and issued a $19.00 price target on shares of Basic Energy Services in a research report on Tuesday, September 5th. Piper Jaffray Companies restated a “neutral” rating and issued a $26.50 price target (down previously from $33.00) on shares of Basic Energy Services in a research report on Wednesday, July 12th. Finally, Credit Suisse Group reaffirmed a “neutral” rating and set a $21.00 price target (down previously from $30.00) on shares of Basic Energy Services in a research note on Monday, September 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $23.58.
Basic Energy Services (NYSE:BAS) opened at 19.81 on Monday. The stock’s market cap is $488.59 million. Basic Energy Services has a 12 month low of $14.80 and a 12 month high of $44.75. The company has a 50-day moving average of $17.29 and a 200-day moving average of $17.29.
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In other news, Director Samuel E. Langford bought 2,000 shares of the stock in a transaction dated Wednesday, August 30th. The stock was purchased at an average price of $14.20 per share, for a total transaction of $28,400.00. Following the acquisition, the director now owns 6,300 shares of the company’s stock, valued at $89,460. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Brett J. Taylor sold 7,857 shares of the firm’s 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 disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 29,000 shares of company stock valued at $509,990 and have sold 13,657 shares valued at $241,075. 11.10% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of the stock. Phocas Financial Corp. grew its holdings in Basic Energy Services by 107.0% during the 2nd quarter. Phocas Financial Corp. now owns 160,792 shares of the oil and gas company’s stock valued at $4,004,000 after purchasing an additional 83,108 shares during the last quarter. Glendon Capital Management LP purchased a new stake in Basic Energy Services in the 2nd quarter worth about $7,847,000. California State Teachers Retirement System bought a new stake in Basic Energy Services in the second quarter worth about $767,000. The Manufacturers Life Insurance Company lifted its stake in Basic Energy Services by 1,638.9% in the second quarter. The Manufacturers Life Insurance Company now owns 14,711 shares of the oil and gas company’s stock worth $366,000 after purchasing an additional 13,865 shares during the last quarter. Finally, State Street Corp bought a new stake in Basic Energy Services in the second quarter worth about $15,122,000.
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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