Basic Energy Services Inc. (NYSE:BAS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

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. “

Several other research analysts have also weighed in on the stock. BMO Capital Markets reissued a “hold” rating on shares of Basic Energy Services in a research note on Tuesday, August 9th. Macquarie raised shares of Basic Energy Services from an “underperform” rating to a “neutral” rating in a research note on Tuesday, August 9th. Deutsche Bank AG reduced their price objective on shares of Basic Energy Services from $5.00 to $2.00 and set a “buy” rating on the stock in a research note on Tuesday, July 26th. Wunderlich reduced their price objective on shares of Basic Energy Services from $2.00 to $1.00 and set a “hold” rating on the stock in a research note on Monday, July 25th. Finally, Johnson Rice lowered shares of Basic Energy Services from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. Eighteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Basic Energy Services has a consensus rating of “Hold” and a consensus target price of $2.68.

Analyst Recommendations for Basic Energy Services (NYSE:BAS)

Basic Energy Services (NYSE:BAS) traded up 3.4553% during mid-day trading on Tuesday, reaching $0.7126. 1,977,460 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $0.61 and a 200-day moving average price of $1.47. The stock’s market cap is $29.12 million. Basic Energy Services has a 1-year low of $0.37 and a 1-year high of $4.57.

Basic Energy Services (NYSE:BAS) last released its quarterly earnings data on Thursday, July 21st. The company reported ($1.34) earnings per share for the quarter, topping the consensus estimate of ($1.38) by $0.04. Basic Energy Services had a negative net margin of 55.62% and a negative return on equity of 380.17%. Equities research analysts anticipate that Basic Energy Services will post ($5.25) EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in BAS. Chubb Ltd. bought a new position in Basic Energy Services during the first quarter worth approximately $256,000. Geode Capital Management LLC boosted its position in Basic Energy Services by 20.6% in the first quarter. Geode Capital Management LLC now owns 256,340 shares of the company’s stock worth $707,000 after buying an additional 43,702 shares during the period. Panagora Asset Management Inc. boosted its position in Basic Energy Services by 50.4% in the first quarter. Panagora Asset Management Inc. now owns 1,408,963 shares of the company’s stock worth $3,889,000 after buying an additional 472,157 shares during the period. Bank of Montreal Can bought a new position in Basic Energy Services during the second quarter worth approximately $744,000. Finally, KBC Group NV boosted its position in Basic Energy Services by 11.5% in the second quarter. KBC Group NV now owns 356,185 shares of the company’s stock worth $598,000 after buying an additional 36,659 shares during the period. 55.68% of the stock is owned by hedge funds and other institutional investors.

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.

5 Day Chart for NYSE:BAS

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