Basic Energy Services, Inc. (NYSE:BAS) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a note issued to investors on Wednesday.

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 analysts have also weighed in on the stock. Credit Suisse Group reiterated a “neutral” rating and set a $21.00 target price (down from $30.00) on shares of Basic Energy Services in a report on Monday, September 25th. Piper Jaffray Companies reiterated a “hold” rating and set a $26.50 target price on shares of Basic Energy Services in a report on Friday, September 8th. Evercore ISI reiterated an “outperform” rating and set a $19.00 target price on shares of Basic Energy Services in a report on Tuesday, September 5th. BidaskClub lowered shares of Basic Energy Services from a “sell” rating to a “strong sell” rating in a report on Thursday, August 17th. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Basic Energy Services in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $23.58.

Basic Energy Services (NYSE BAS) traded down 1.26% on Wednesday, hitting $19.56. The stock had a trading volume of 709,920 shares. Basic Energy Services has a 52-week low of $14.80 and a 52-week high of $44.75. The company’s market cap is $482.43 million. The stock’s 50-day moving average is $17.29 and its 200-day moving average is $17.29.

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In related news, Director Samuel E. Langford purchased 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was bought at an average cost of $14.20 per share, with a total value of $28,400.00. Following the completion of the purchase, the director now directly owns 6,300 shares in the company, valued at $89,460. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Cody Bissett sold 2,500 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $19.50, for a total transaction of $48,750.00. Following the completion of the transaction, the vice president now directly owns 3,401 shares of the company’s stock, valued at $66,319.50. The disclosure for this sale can be found here. Over the last three months, insiders purchased 29,000 shares of company stock valued at $509,990 and sold 13,657 shares valued at $241,075. 11.10% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in BAS. Legal & General Group Plc bought a new position in Basic Energy Services in the second quarter worth about $112,000. Parametric Portfolio Associates LLC bought a new position in Basic Energy Services in the first quarter worth about $215,000. Wells Fargo & Company MN raised its stake 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 in the last quarter. Nationwide Fund Advisors bought a new position in shares of Basic Energy Services during the second quarter valued at approximately $245,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Basic Energy Services by 7.6% during the second quarter. Russell Investments Group Ltd. now owns 12,149 shares of the oil and gas company’s stock valued at $303,000 after purchasing an additional 853 shares in the last quarter.

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.

Analyst Recommendations for Basic Energy Services (NYSE:BAS)

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