Basic Energy Services (NYSE:BAS) Announces Quarterly Earnings Results

Basic Energy Services (NYSE:BAS) released its quarterly earnings data on Wednesday. The oil and gas company reported ($1.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.16), Morningstar.com reports. Basic Energy Services had a negative net margin of 15.27% and a negative return on equity of 41.96%. The company had revenue of $189.85 million during the quarter, compared to analyst estimates of $205.83 million.

Shares of BAS traded down $0.16 during mid-day trading on Friday, hitting $1.60. 434,806 shares of the company’s stock were exchanged, compared to its average volume of 405,190. Basic Energy Services has a fifty-two week low of $1.51 and a fifty-two week high of $12.12. The stock has a market cap of $44.08 million, a price-to-earnings ratio of -0.44 and a beta of 2.41. The company has a 50 day simple moving average of $1.99. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.49 and a quick ratio of 1.30.

In other news, Director James D. Kern acquired 20,000 shares of Basic Energy Services stock in a transaction that occurred on Monday, June 3rd. The stock was purchased at an average price of $1.99 per share, for a total transaction of $39,800.00. Following the completion of the transaction, the director now directly owns 66,100 shares in the company, valued at $131,539. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David Scott Schorlemer acquired 25,000 shares of Basic Energy Services stock in a transaction that occurred on Monday, June 3rd. The stock was purchased at an average price 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 disclosure for this purchase can be found here. Insiders have bought 408,720 shares of company stock valued at $957,191 in the last quarter. Insiders own 3.90% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Bank of America Corp DE lifted its position in Basic Energy Services by 4.4% in the fourth quarter. Bank of America Corp DE now owns 105,366 shares of the oil and gas company’s stock valued at $405,000 after purchasing an additional 4,443 shares during the period. Geode Capital Management LLC lifted its position in Basic Energy Services by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 213,859 shares of the oil and gas company’s stock valued at $821,000 after purchasing an additional 8,744 shares during the period. Barclays PLC lifted its position in Basic Energy Services by 2,249.1% in the fourth quarter. Barclays PLC now owns 9,960 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 9,536 shares during the period. Stone Ridge Asset Management LLC acquired a new stake in Basic Energy Services in the fourth quarter valued at about $42,000. Finally, Virtu Financial LLC acquired a new stake in Basic Energy Services in the first quarter valued at about $45,000. Hedge funds and other institutional investors own 87.79% of the company’s stock.

Several equities research analysts have recently weighed in on BAS shares. Piper Jaffray Companies downgraded shares of Basic Energy Services from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $6.50 to $3.00 in a research note on Tuesday, June 25th. Seaport Global Securities set a $3.00 target price on shares of Basic Energy Services and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Zacks Investment Research downgraded shares of Basic Energy Services from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, ValuEngine upgraded shares of Basic Energy Services from a “hold” rating to a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $3.00.

Basic Energy Services Company Profile

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 for Basic Energy Services (NYSE:BAS)

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