Bank of New York Mellon Corp grew its position in shares of Basic Energy Services, Inc. (NYSE:BAS) by 25.5% in the fourth quarter, Holdings Channel reports. The fund owned 154,097 shares of the oil and gas company’s stock after acquiring an additional 31,263 shares during the period. Bank of New York Mellon Corp’s holdings in Basic Energy Services were worth $3,618,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. Alambic Investment Management L.P. acquired a new position in Basic Energy Services during the 4th quarter worth approximately $230,000. Foundry Partners LLC acquired a new position in Basic Energy Services during the 4th quarter worth approximately $2,787,000. Schwab Charles Investment Management Inc. boosted its position in Basic Energy Services by 38.2% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 108,410 shares of the oil and gas company’s stock worth $2,545,000 after acquiring an additional 29,966 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Basic Energy Services during the 3rd quarter worth approximately $3,019,000. Finally, OxFORD Asset Management LLP acquired a new position in Basic Energy Services during the 3rd quarter worth approximately $1,655,000.
In related news, Director Silver Point Capital L.P. sold 186,000 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $23.82, for a total value of $4,430,520.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Thomas Monroe Patterson sold 1,500 shares of the stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $24.68, for a total value of $37,020.00. Following the completion of the sale, the insider now owns 93,979 shares in the company, valued at approximately $2,319,401.72. The disclosure for this sale can be found here. In the last three months, insiders sold 368,900 shares of company stock valued at $8,824,604. 0.69% of the stock is currently owned by insiders.
Basic Energy Services (NYSE:BAS) last released its quarterly earnings data on Monday, February 26th. The oil and gas company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.15). The company had revenue of $235.27 million during the quarter, compared to analyst estimates of $232.46 million. Basic Energy Services had a negative net margin of 11.19% and a negative return on equity of 16.12%. sell-side analysts forecast that Basic Energy Services, Inc. will post -0.68 earnings per share for the current year.
A number of equities analysts have weighed in on BAS shares. Seaport Global Securities raised Basic Energy Services from a “neutral” rating to a “buy” rating in a research report on Wednesday, December 20th. Stephens initiated coverage on Basic Energy Services in a report on Tuesday, January 9th. They issued an “equal weight” rating and a $26.00 price objective for the company. ValuEngine downgraded Basic Energy Services from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Finally, Piper Jaffray set a $19.00 price objective on Basic Energy Services and gave the company a “hold” rating in a report on Sunday, April 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $27.75.
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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.
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