Basic Energy Services Inc (NYSE:BAS) shares saw unusually-high trading volume on Wednesday . Approximately 351,929 shares traded hands during trading, an increase of 74% from the previous session’s volume of 202,390 shares.The stock last traded at $1.99 and had previously closed at $1.97.

A number of research analysts have recently weighed in on BAS shares. ValuEngine raised shares of Basic Energy Services from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Piper Jaffray Companies cut Basic Energy Services from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $6.50 to $3.00 in a report on Tuesday, June 25th. Zacks Investment Research downgraded Basic Energy Services from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, Seaport Global Securities set a $3.00 price target on Basic Energy Services and gave the stock a “buy” rating in a research note on Tuesday, June 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $3.00.

The company’s 50-day moving average is $1.53 and its 200-day moving average is $2.61. The firm has a market capitalization of $49.45 million, a price-to-earnings ratio of -0.54 and a beta of 2.43. The company has a debt-to-equity ratio of 1.95, a current ratio of 1.41 and a quick ratio of 1.22.

Basic Energy Services (NYSE:BAS) last issued its quarterly earnings results on Wednesday, July 31st. The oil and gas company reported ($1.02) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.16). The company had revenue of $189.85 million for the quarter, compared to analyst estimates of $205.83 million. Basic Energy Services had a negative return on equity of 50.17% and a negative net margin of 14.97%. Sell-side analysts anticipate that Basic Energy Services Inc will post -3.61 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in shares of Basic Energy Services by 85.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,169,900 shares of the oil and gas company’s stock worth $2,223,000 after buying an additional 538,800 shares during the period. Vanguard Group Inc. increased its stake in Basic Energy Services by 41.9% during the second quarter. Vanguard Group Inc. now owns 1,496,762 shares of the oil and gas company’s stock worth $2,844,000 after acquiring an additional 442,189 shares during the last quarter. Prescott Group Capital Management L.L.C. raised its holdings in shares of Basic Energy Services by 23.8% in the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 1,992,198 shares of the oil and gas company’s stock worth $3,785,000 after purchasing an additional 382,729 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Basic Energy Services by 175.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 456,208 shares of the oil and gas company’s stock worth $867,000 after purchasing an additional 290,519 shares during the period. Finally, Spark Investment Management LLC raised its holdings in shares of Basic Energy Services by 77.2% in the 1st quarter. Spark Investment Management LLC now owns 463,700 shares of the oil and gas company’s stock worth $1,762,000 after purchasing an additional 202,000 shares during the period. Institutional investors and hedge funds own 90.23% of the company’s stock.

About Basic Energy Services (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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