Basic Energy Services (BAS) Cut to “Sell” at ValuEngine

ValuEngine downgraded shares of Basic Energy Services (NYSE:BAS) from a hold rating to a sell rating in a research report report published on Friday.

Several other brokerages have also weighed in on BAS. Credit Suisse Group increased their target price on shares of Basic Energy Services from $21.00 to $23.00 and gave the stock a neutral rating in a research note on Monday, November 6th. Zacks Investment Research raised shares of Basic Energy Services from a sell rating to a hold rating in a research note on Wednesday, November 8th. Piper Jaffray Companies reaffirmed a hold rating and set a $24.50 target price on shares of Basic Energy Services in a research note on Friday, November 17th. Deutsche Bank assumed coverage on shares of Basic Energy Services in a research note on Tuesday, October 10th. They set a hold rating and a $22.00 target price for the company. Finally, BidaskClub lowered shares of Basic Energy Services from a hold rating to a sell rating in a research note on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $26.92.

Basic Energy Services (BAS) opened at $23.64 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.59 and a debt-to-equity ratio of 0.76. Basic Energy Services has a 12 month low of $14.03 and a 12 month high of $44.81.

In other news, insider Thomas Monroe Patterson sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $18.83, for a total value of $28,245.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Cody Bissett sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were 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 approximately $66,319.50. The disclosure for this sale can be found here. In the last three months, insiders sold 888,807 shares of company stock valued at $20,174,030. Insiders own 0.69% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of BAS. Key Group Holdings Cayman LTD. purchased a new position in shares of Basic Energy Services in the second quarter valued at approximately $40,639,000. Janus Henderson Group PLC purchased a new position in shares of Basic Energy Services in the second quarter valued at approximately $25,018,000. Vanguard Group Inc. purchased a new position in shares of Basic Energy Services in the first quarter valued at approximately $20,818,000. State Street Corp purchased a new position in shares of Basic Energy Services in the second quarter valued at approximately $15,122,000. Finally, Citadel Advisors LLC boosted its stake in shares of Basic Energy Services by 406.3% in the third quarter. Citadel Advisors LLC now owns 604,092 shares of the oil and gas company’s stock valued at $11,659,000 after purchasing an additional 484,779 shares during the period.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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