Credit Suisse Group Increases Basic Energy Services, Inc. (BAS) Price Target to $23.00

Basic Energy Services, Inc. (NYSE:BAS) had its price objective lifted by investment analysts at Credit Suisse Group from $21.00 to $23.00 in a research note issued on Monday, November 6th. The firm currently has a “neutral” rating on the oil and gas company’s stock. Credit Suisse Group’s target price suggests a potential upside of 7.83% from the company’s previous close.

Several other brokerages also recently commented on BAS. BidaskClub raised shares of Basic Energy Services from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Zacks Investment Research raised shares of Basic Energy Services from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research note on Wednesday, July 26th. Piper Jaffray Companies reissued a “neutral” rating and issued a $26.50 price objective (down previously from $33.00) on shares of Basic Energy Services in a research note on Wednesday, July 12th. Seaport Global Securities reissued a “neutral” rating on shares of Basic Energy Services in a research note on Friday, July 28th. Finally, Deutsche Bank AG began coverage on shares of Basic Energy Services in a research note on Tuesday, October 10th. They issued a “hold” rating and a $22.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $26.92.

Shares of Basic Energy Services (BAS) traded down $0.34 during trading hours on Monday, reaching $21.33. 103,798 shares of the company traded hands, compared to its average volume of 518,476. 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 fifty-two week low of $14.03 and a fifty-two week high of $44.81.

In other Basic Energy Services news, VP John Cody Bissett sold 2,500 shares of the company’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 value of $48,750.00. Following the completion of the transaction, the vice president now directly owns 3,401 shares in the company, valued at approximately $66,319.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Samuel E. Langford purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was acquired at an average price of $14.20 per share, with a total value of $28,400.00. Following the completion of the transaction, the director now owns 6,300 shares in the company, valued at approximately $89,460. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 888,807 shares of company stock valued at $20,174,030. Corporate insiders own 11.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in BAS. JPMorgan Chase & Co. increased its position in shares of Basic Energy Services by 1,052,325.0% during the first quarter. JPMorgan Chase & Co. now owns 42,097 shares of the oil and gas company’s stock worth $1,404,000 after buying an additional 42,093 shares during the period. Dupont Capital Management Corp increased its position in shares of Basic Energy Services by 92.8% during the second quarter. Dupont Capital Management Corp now owns 63,850 shares of the oil and gas company’s stock worth $1,590,000 after buying an additional 30,739 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of Basic Energy Services during the second quarter worth $25,018,000. UBS Group AG increased its position in shares of Basic Energy Services by 1,092.8% during the first quarter. UBS Group AG now owns 14,612 shares of the oil and gas company’s stock worth $487,000 after buying an additional 13,387 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of Basic Energy Services by 393.2% during the first quarter. Wells Fargo & Company MN now owns 7,152 shares of the oil and gas company’s stock worth $239,000 after buying an additional 5,702 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.

Analyst Recommendations for Basic Energy Services (NYSE:BAS)

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