Basic Energy Services (NYSE:BAS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday, Zacks.com reports.

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. “

Separately, ValuEngine lowered shares of Basic Energy Services from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st.

NYSE:BAS opened at $2.15 on Monday. Basic Energy Services has a 1-year low of $2.14 and a 1-year high of $15.97. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.30 and a current ratio of 1.49. The firm has a market capitalization of $61.87 million, a P/E ratio of -0.59 and a beta of 2.54.

Basic Energy Services (NYSE:BAS) last posted its quarterly earnings data on Thursday, February 28th. The oil and gas company reported ($0.97) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.28) by $0.31. Basic Energy Services had a negative net margin of 15.27% and a negative return on equity of 41.96%. The firm had revenue of $230.35 million for the quarter, compared to analyst estimates of $233.00 million. Analysts forecast that Basic Energy Services will post -2.85 earnings per share for the current fiscal year.

In other Basic Energy Services news, VP Brett J. Taylor sold 15,711 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $4.73, for a total value of $74,313.03. Following the completion of the sale, the vice president now owns 15,737 shares of the company’s stock, valued at $74,436.01. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 3.90% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Ascribe Capital LLC lifted its holdings in Basic Energy Services by 7.0% in the fourth quarter. Ascribe Capital LLC now owns 4,180,238 shares of the oil and gas company’s stock valued at $16,052,000 after acquiring an additional 272,702 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Basic Energy Services by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,227,900 shares of the oil and gas company’s stock valued at $8,466,000 after acquiring an additional 20,671 shares during the period. Prescott Group Capital Management L.L.C. lifted its holdings in Basic Energy Services by 533.8% in the fourth quarter. Prescott Group Capital Management L.L.C. now owns 1,684,469 shares of the oil and gas company’s stock valued at $6,468,000 after acquiring an additional 1,418,681 shares during the period. BlackRock Inc. lifted its holdings in Basic Energy Services by 2.6% in the first quarter. BlackRock Inc. now owns 1,616,270 shares of the oil and gas company’s stock valued at $6,142,000 after acquiring an additional 40,598 shares during the period. Finally, Contrarian Capital Management L.L.C. lifted its holdings in Basic Energy Services by 23.4% in the first quarter. Contrarian Capital Management L.L.C. now owns 792,176 shares of the oil and gas company’s stock valued at $3,010,000 after acquiring an additional 150,000 shares during the period. 89.57% of the stock is owned by institutional investors.

About Basic Energy Services

Basic Energy Services, Inc provides well site services to oil and natural gas drilling and producing companies in the United States. The company operates through Completion and Remedial Services, Well Servicing, Water Logistics, and Contract Drilling segments. The Completion and Remedial Services segment offers pumping services, such as cementing, acidizing, fracturing, nitrogen, and pressure testing; rental and fishing tools; coiled tubing; snubbing services; thru-tubing; underbalanced drilling in low pressure and fluid sensitive reservoirs; and cased-hole wireline services.

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