Basic Energy Services, Inc. (BAS) Cut to “Sell” at BidaskClub
BidaskClub lowered shares of Basic Energy Services, Inc. (NYSE:BAS) from a hold rating to a sell rating in a research note published on Wednesday morning.
BAS has been the topic of several other research reports. Zacks Investment Research cut Basic Energy Services from a buy rating to a hold rating in a research note on Tuesday, August 1st. Nomura assumed coverage on Basic Energy Services in a research note on Wednesday, April 19th. They set a buy rating and a $51.00 price objective on the stock. Piper Jaffray Companies reiterated a neutral rating and set a $26.50 price objective (down previously from $33.00) on shares of Basic Energy Services in a research note on Wednesday, July 12th. Seaport Global Securities reiterated a neutral rating on shares of Basic Energy Services in a research note on Friday, July 28th. Finally, Credit Suisse Group assumed coverage on Basic Energy Services in a research note on Friday, July 21st. They set a neutral rating on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Basic Energy Services presently has a consensus rating of Hold and a consensus price target of $27.63.
Shares of Basic Energy Services (NYSE BAS) traded down 1.14% during trading on Wednesday, reaching $16.52. 688,574 shares of the company traded hands. The stock’s market cap is $407.45 million. Basic Energy Services has a 12 month low of $16.25 and a 12 month high of $44.81. The stock’s 50 day moving average price is $24.12 and its 200-day moving average price is $30.44.
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In related news, VP Brett J. Taylor sold 7,857 shares of the business’s stock in a transaction that occurred on 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 document filed with the SEC, which is available through this hyperlink. Also, Director Timothy H. Day bought 15,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were acquired at an average cost of $18.69 per share, for a total transaction of $280,350.00. Following the completion of the acquisition, the director now directly owns 20,200 shares in the company, valued at approximately $377,538. The disclosure for this purchase can be found here. 11.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Legal & General Group Plc acquired a new position in Basic Energy Services during the second quarter worth $112,000. Parametric Portfolio Associates LLC acquired a new position in Basic Energy Services during the first quarter worth $215,000. Wells Fargo & Company MN raised its position in Basic Energy Services by 393.2% in the first quarter. Wells Fargo & Company MN now owns 7,152 shares of the oil and gas company’s stock worth $239,000 after buying an additional 5,702 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in Basic Energy Services during the fourth quarter worth $243,000. Finally, Nationwide Fund Advisors acquired a new position in Basic Energy Services during the second quarter worth $245,000. 95.27% of the stock is currently owned by institutional investors and hedge funds.
Basic Energy Services Company Profile
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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