Basic Energy Services Inc. (NYSE:BAS) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 4,548,826 shares, a decline of 51.9% from the October 14th total of 9,449,286 shares. Currently, 12.0% of the shares of the stock are short sold. Based on an average trading volume of 5,387,943 shares, the days-to-cover ratio is currently 0.8 days.

Shares of Basic Energy Services (NYSE:BAS) opened at 0.3223 on Friday. The company has a 50-day moving average price of $0.55 and a 200 day moving average price of $1.14. Basic Energy Services has a one year low of $0.30 and a one year high of $4.26. The firm’s market capitalization is $13.17 million.

In other news, Director Kenneth V. Huseman sold 278,428 shares of the business’s stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $0.34, for a total transaction of $94,665.52. Following the sale, the director now owns 86,877 shares of the company’s stock, valued at approximately $29,538.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven A. Webster sold 481,291 shares of the business’s stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $0.33, for a total value of $158,826.03. Following the sale, the director now directly owns 733,815 shares in the company, valued at approximately $242,158.95. The disclosure for this sale can be found here. Insiders own 11.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of Montreal Can acquired a new position in Basic Energy Services during the second quarter valued at about $744,000. Royce & Associates LP raised its position in Basic Energy Services by 12.0% in the second quarter. Royce & Associates LP now owns 140,000 shares of the company’s stock valued at $235,000 after buying an additional 15,000 shares during the period. California Public Employees Retirement System raised its position in Basic Energy Services by 17.0% in the second quarter. California Public Employees Retirement System now owns 1,180,100 shares of the company’s stock valued at $1,983,000 after buying an additional 171,400 shares during the period. KBC Group NV raised 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 valued at $598,000 after buying an additional 36,659 shares during the period. Finally, Panagora Asset Management Inc. raised 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 valued at $3,889,000 after buying an additional 472,157 shares during the period. Hedge funds and other institutional investors own 51.84% of the company’s stock.

A number of equities research analysts recently issued reports on BAS shares. Macquarie raised Basic Energy Services from an “underperform” rating to a “neutral” rating in a research note on Tuesday, August 9th. Zacks Investment Research raised Basic Energy Services from a “hold” rating to a “buy” rating and set a $0.50 target price on the stock in a research note on Monday. Johnson Rice lowered Basic Energy Services from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. Wunderlich reduced their target price on 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, Deutsche Bank AG reduced their target price on 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. Sixteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $2.21.

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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