Basic Energy Services (NYSE:BAS) Trading 8.9% Higher

Shares of Basic Energy Services Inc (NYSE:BAS) traded up 8.9% during mid-day trading on Friday . The company traded as high as $1.53 and last traded at $1.47, 383,370 shares traded hands during trading. A decline of 5% from the average session volume of 403,329 shares. The stock had previously closed at $1.35.

A number of equities research analysts have recently issued reports on the stock. Piper Jaffray Companies downgraded shares of Basic Energy Services from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $6.50 to $3.00 in a research report on Tuesday, June 25th. Zacks Investment Research downgraded shares of Basic Energy Services from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. ValuEngine upgraded shares of Basic Energy Services from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Finally, Seaport Global Securities set a $3.00 price target on shares of Basic Energy Services and gave the company a “buy” rating in a research report on Tuesday, June 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Basic Energy Services presently has a consensus rating of “Hold” and an average price target of $3.00.

The company has a debt-to-equity ratio of 1.95, a quick ratio of 1.22 and a current ratio of 1.41. The company has a 50-day moving average of $1.80 and a 200-day moving average of $3.02.

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 (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.86) by ($0.16). Basic Energy Services had a negative return on equity of 50.17% and a negative net margin of 14.97%. The company had revenue of $189.85 million for the quarter, compared to analyst estimates of $205.83 million. Analysts predict that Basic Energy Services Inc will post -3.61 earnings per share for the current fiscal year.

In related news, CEO Thomas Monroe Patterson acquired 51,750 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was purchased at an average cost of $1.90 per share, for a total transaction of $98,325.00. Following the transaction, the chief executive officer now directly owns 466,882 shares of the company’s stock, valued at approximately $887,075.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Ascribe Capital Llc acquired 311,970 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were bought at an average price of $2.47 per share, with a total value of $770,565.90. The disclosure for this purchase can be found here. Insiders have purchased a total of 408,720 shares of company stock valued at $957,191 over the last 90 days. Insiders own 3.90% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC acquired a new position in Basic Energy Services in the 1st quarter valued at $45,000. Morgan Stanley raised its holdings in Basic Energy Services by 216.6% in the 2nd quarter. Morgan Stanley now owns 14,635 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 10,012 shares during the last quarter. Brave Asset Management Inc. acquired a new position in Basic Energy Services in the 1st quarter valued at $69,000. Tower Research Capital LLC TRC raised its holdings in Basic Energy Services by 10,697.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 35,848 shares of the oil and gas company’s stock valued at $68,000 after acquiring an additional 35,516 shares during the last quarter. Finally, KBC Group NV acquired a new position in Basic Energy Services in the 2nd quarter valued at $95,000. Institutional investors own 91.64% of the company’s stock.

Basic Energy Services Company Profile (NYSE:BAS)

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.

Recommended Story: What are popular green investing opportunities?

Receive News & Ratings for Basic Energy Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Basic Energy Services and related companies with MarketBeat.com's FREE daily email newsletter.