Basic Energy Services, Inc. (BAS) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Basic Energy Services, Inc. (NYSE:BAS) from a sell rating to a buy rating in a research report released on Monday. Zacks Investment Research currently has $22.00 price objective on the oil and gas company’s stock.
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 brokerages also recently commented on BAS. Credit Suisse Group started coverage on Basic Energy Services in a report on Friday, July 21st. They set a neutral rating on the stock. Piper Jaffray Companies reissued a hold rating and issued a $26.50 price target on shares of Basic Energy Services in a research note on Friday, September 8th. BidaskClub downgraded Basic Energy Services from a hold rating to a sell rating in a research report on Wednesday, August 9th. Seaport Global Securities restated a neutral rating on shares of Basic Energy Services in a research report on Friday, July 28th. Finally, Evercore ISI reaffirmed an outperform rating and issued a $19.00 price objective on shares of Basic Energy Services in a research note on Tuesday, September 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $23.58.
Basic Energy Services (BAS) opened at 19.78 on Monday. The firm’s market cap is $487.85 million. The company’s 50-day moving average is $17.14 and its 200-day moving average is $17.14. Basic Energy Services has a one year low of $14.80 and a one year high of $44.75.
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In related news, Director Samuel E. Langford acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were purchased at an average price of $14.20 per share, for a total transaction of $28,400.00. Following the completion of the acquisition, the director now owns 6,300 shares of the company’s stock, valued at $89,460. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Timothy H. Day acquired 15,000 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were bought at an average price of $18.69 per share, for a total transaction of $280,350.00. Following the acquisition, the director now directly owns 20,200 shares of the company’s stock, valued at approximately $377,538. The disclosure for this purchase can be found here. In the last quarter, insiders bought 29,000 shares of company stock valued at $509,990 and sold 13,657 shares valued at $241,075. Insiders own 11.10% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Key Group Holdings Cayman LTD. bought a new stake in Basic Energy Services in the 2nd quarter valued at about $40,639,000. Janus Henderson Group PLC bought a new position in Basic Energy Services in the second quarter worth approximately $25,018,000. Victory Capital Management Inc. bought a new position in Basic Energy Services in the first quarter worth approximately $28,891,000. Vanguard Group Inc. bought a new position in Basic Energy Services in the first quarter worth approximately $20,818,000. Finally, State Street Corp bought a new position in Basic Energy Services in the second quarter worth approximately $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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