Piper Jaffray Companies Weighs in on Basic Energy Services Inc’s Q2 2019 Earnings (NYSE:BAS)

Basic Energy Services Inc (NYSE:BAS) – Analysts at Piper Jaffray Companies cut their Q2 2019 earnings estimates for Basic Energy Services in a note issued to investors on Monday, June 24th. Piper Jaffray Companies analyst J. Daniel now expects that the oil and gas company will post earnings of ($0.91) per share for the quarter, down from their previous forecast of ($0.68). Piper Jaffray Companies currently has a “Neutral” rating and a $3.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Basic Energy Services’ Q3 2019 earnings at ($0.71) EPS, Q4 2019 earnings at ($0.91) EPS, FY2019 earnings at ($3.55) EPS, Q1 2020 earnings at ($0.85) EPS, Q2 2020 earnings at ($0.63) EPS, Q3 2020 earnings at ($0.53) EPS, Q4 2020 earnings at ($0.61) EPS and FY2020 earnings at ($2.62) EPS.

Basic Energy Services (NYSE:BAS) last released its earnings results on Thursday, May 9th. The oil and gas company reported ($1.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.21) by $0.19. Basic Energy Services had a negative return on equity of 41.96% and a negative net margin of 15.27%. The firm had revenue of $197.20 million for the quarter, compared to the consensus estimate of $202.40 million.

BAS has been the topic of several other reports. ValuEngine downgraded Basic Energy Services from a “buy” rating to a “hold” rating in a research report on Monday, April 1st. Zacks Investment Research raised Basic Energy Services from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Finally, Seaport Global Securities set a $3.00 target price on Basic Energy Services and gave the company a “buy” rating in a research report on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Basic Energy Services currently has a consensus rating of “Hold” and a consensus price target of $3.00.

NYSE BAS opened at $1.90 on Thursday. 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 fifty day moving average price of $2.20. Basic Energy Services has a 1 year low of $1.58 and a 1 year high of $12.40. The firm has a market cap of $53.65 million, a P/E ratio of -0.52 and a beta of 2.50.

A number of institutional investors and hedge funds have recently made changes to their positions in BAS. Barclays PLC grew its position in Basic Energy Services by 2,249.1% during the 4th quarter. Barclays PLC now owns 9,960 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 9,536 shares during the period. Stone Ridge Asset Management LLC purchased a new stake in shares of Basic Energy Services during the 4th quarter worth about $42,000. Virtu Financial LLC purchased a new stake in shares of Basic Energy Services during the 1st quarter worth about $45,000. SG Americas Securities LLC purchased a new stake in shares of Basic Energy Services during the 4th quarter worth about $49,000. Finally, Brave Asset Management Inc. purchased a new stake in shares of Basic Energy Services during the 1st quarter worth about $69,000. 87.79% of the stock is currently owned by institutional investors.

In related news, insider David Scott Schorlemer purchased 25,000 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were bought at an average cost of $1.94 per share, with a total value of $48,500.00. Following the transaction, the insider now owns 89,912 shares of the company’s stock, valued at $174,429.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Ascribe Capital Llc purchased 311,970 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were bought at an average cost of $2.47 per share, for a total transaction of $770,565.90. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 408,720 shares of company stock worth $957,191. 3.90% of the stock is owned by insiders.

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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Earnings History and Estimates for Basic Energy Services (NYSE:BAS)

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