Basic Energy Services (NYSE:BAS) Stock Rating Reaffirmed by Credit Suisse Group

Basic Energy Services (NYSE:BAS)‘s stock had its “buy” rating reiterated by analysts at Credit Suisse Group in a report released on Thursday, Stock Target Advisor reports. They presently have a $67.00 target price on the oil and gas company’s stock.

BAS has been the topic of a number of other reports. Piper Jaffray Companies lowered Basic Energy Services from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $6.50 to $3.00 in a report on Tuesday, June 25th. ValuEngine raised Basic Energy Services from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Finally, Zacks Investment Research lowered Basic Energy Services from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Basic Energy Services presently has a consensus rating of “Hold” and an average price target of $19.00.

Shares of NYSE BAS opened at $0.76 on Thursday. Basic Energy Services has a fifty-two week low of $0.73 and a fifty-two week high of $9.43. The firm’s 50-day simple moving average is $1.40 and its 200 day simple moving average is $2.04. The company has a quick ratio of 1.22, a current ratio of 1.41 and a debt-to-equity ratio of 1.95. The stock has a market cap of $21.04 million, a P/E ratio of -0.21 and a beta of 2.46.

Basic Energy Services (NYSE:BAS) last issued its quarterly earnings data on Wednesday, July 31st. The oil and gas company reported ($1.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.16). The company had revenue of $189.85 million for the quarter, compared to the consensus estimate of $205.83 million. Basic Energy Services had a negative net margin of 14.97% and a negative return on equity of 50.17%. On average, sell-side analysts anticipate that Basic Energy Services will post -4.2 earnings per share for the current fiscal year.

In related news, Director Silver Point Capital L.P. sold 53,499 shares of Basic Energy Services stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $1.32, for a total transaction of $70,618.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 583,164 shares of company stock worth $564,627. 3.90% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in BAS. Acadian Asset Management LLC increased its stake in Basic Energy Services by 367.1% in the 2nd quarter. Acadian Asset Management LLC now owns 205,899 shares of the oil and gas company’s stock worth $392,000 after purchasing an additional 161,820 shares in the last quarter. Prescott Group Capital Management L.L.C. grew its stake in Basic Energy Services by 23.8% during the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 1,992,198 shares of the oil and gas company’s stock valued at $3,785,000 after acquiring an additional 382,729 shares in the last quarter. Paloma Partners Management Co purchased a new position in Basic Energy Services during the 2nd quarter valued at about $162,000. Cetera Advisors LLC grew its stake in Basic Energy Services by 284.3% during the 2nd quarter. Cetera Advisors LLC now owns 57,160 shares of the oil and gas company’s stock valued at $109,000 after acquiring an additional 42,285 shares in the last quarter. Finally, KBC Group NV purchased a new position in Basic Energy Services during the 2nd quarter valued at about $95,000. 89.98% of the stock is currently owned by hedge funds and other 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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