Basic Energy Services (BAS) Shares Down 9.3%

Shares of Basic Energy Services Inc (NYSE:BAS) traded down 9.3% on Friday . The company traded as low as $2.32 and last traded at $2.43. 709,061 shares traded hands during mid-day trading, an increase of 115% from the average session volume of 330,482 shares. The stock had previously closed at $2.68.

A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Basic Energy Services from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research note on Wednesday, May 8th. ValuEngine cut shares of Basic Energy Services from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st.

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 company has a market capitalization of $72.25 million, a price-to-earnings ratio of -0.67 and a beta of 2.54.

Basic Energy Services (NYSE:BAS) last issued its quarterly earnings data on Thursday, February 28th. The oil and gas company reported ($0.97) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.28) by $0.31. Basic Energy Services had a negative net margin of 15.27% and a negative return on equity of 41.96%. The business had revenue of $230.35 million during the quarter, compared to analysts’ expectations of $233.00 million. Equities research analysts forecast that Basic Energy Services Inc will post -2.85 EPS for the current fiscal year.

In other news, VP Brett J. Taylor sold 15,711 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $4.73, for a total value of $74,313.03. Following the completion of the sale, the vice president now directly owns 15,737 shares in the company, valued at $74,436.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.90% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the company. Citigroup Inc. lifted its stake in shares of Basic Energy Services by 4.0% in the fourth quarter. Citigroup Inc. now owns 63,774 shares of the oil and gas company’s stock worth $245,000 after buying an additional 2,434 shares during the last quarter. Teachers Advisors LLC lifted its stake in shares of Basic Energy Services by 4.0% in the third quarter. Teachers Advisors LLC now owns 88,248 shares of the oil and gas company’s stock worth $882,000 after buying an additional 3,424 shares during the last quarter. Bank of America Corp DE increased its position in Basic Energy Services by 4.4% during the fourth quarter. Bank of America Corp DE now owns 105,366 shares of the oil and gas company’s stock worth $405,000 after acquiring an additional 4,443 shares during the period. Wells Fargo & Company MN increased its position in Basic Energy Services by 15.0% during the first quarter. Wells Fargo & Company MN now owns 40,032 shares of the oil and gas company’s stock worth $152,000 after acquiring an additional 5,215 shares during the period. Finally, Rhumbline Advisers increased its position in Basic Energy Services by 41.4% during the fourth quarter. Rhumbline Advisers now owns 28,301 shares of the oil and gas company’s stock worth $109,000 after acquiring an additional 8,287 shares during the period. Institutional investors and hedge funds own 89.57% of the company’s stock.

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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.

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