Cramer Rosenthal Mcglynn LLC cut its stake in Basic Energy Services, Inc. (NYSE:BAS) by 8.9% in the fourth quarter, Holdings Channel reports. The fund owned 750,444 shares of the oil and gas company’s stock after selling 72,878 shares during the period. Cramer Rosenthal Mcglynn LLC’s holdings in Basic Energy Services were worth $17,613,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in BAS. UBS Asset Management Americas Inc. acquired a new stake in shares of Basic Energy Services during the 4th quarter worth approximately $221,000. Alambic Investment Management L.P. acquired a new stake in shares of Basic Energy Services during the 4th quarter worth approximately $230,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Basic Energy Services during the 3rd quarter worth approximately $264,000. Parametric Portfolio Associates LLC grew its position in shares of Basic Energy Services by 107.1% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 13,350 shares of the oil and gas company’s stock worth $332,000 after buying an additional 6,905 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Basic Energy Services by 1,638.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,711 shares of the oil and gas company’s stock worth $366,000 after buying an additional 13,865 shares during the period.
Several equities research analysts have recently commented on the stock. ValuEngine upgraded shares of Basic Energy Services from a “sell” rating to a “hold” rating in a research report on Thursday, March 1st. Seaport Global Securities upgraded shares of Basic Energy Services from a “neutral” rating to a “buy” rating in a research report on Wednesday, December 20th. Stephens assumed coverage on shares of Basic Energy Services in a research report on Tuesday, January 9th. They set an “equal weight” rating and a $26.00 price target for the company. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $24.50 price target on shares of Basic Energy Services in a research report on Friday, November 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. Basic Energy Services presently has a consensus rating of “Hold” and a consensus target price of $28.44.
Basic Energy Services (NYSE:BAS) last issued its quarterly earnings data on Monday, February 26th. The oil and gas company reported ($0.55) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.15). The firm had revenue of $235.27 million for 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%. research analysts expect that Basic Energy Services, Inc. will post -0.66 earnings per share for the current year.
In related news, CAO John Cody Bissett sold 5,500 shares of the business’s stock in a transaction that occurred on Friday, December 29th. The shares were sold at an average price of $23.40, for a total transaction of $128,700.00. Following the completion of the transaction, the chief accounting officer now owns 3,749 shares in the company, valued at $87,726.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Monroe Patterson sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $18.17, for a total transaction of $27,255.00. Following the transaction, the chief executive officer now owns 152,178 shares of the company’s stock, valued at approximately $2,765,074.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,009,885 shares of company stock valued at $24,289,042. Corporate insiders own 0.69% of the company’s stock.
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About Basic Energy Services
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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