Basic Energy Services, Inc. (NYSE:BAS) Takes Off in Trading Today – Up by 5.94%

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The company is up by 5.94% since yesterday’s close of 16 making it one of today’s top gainers. More than 167,750 shares have changed hands.

Basic Energy Services, Inc. in recent headlines.

Basic Energy Services to Present at Barclays CEO Energy-Power Conference
Basic Energy Services to Present at Johnson Rice & Company 2017 Energy Conference.

Company shares last traded at $16.95 which is marginally higher than $15.46, the 50 day moving average and a tad above the 200 day moving average of $15.46. The 50 day moving average went up $1.49 or +9.61% whereas the 200 day moving average was up $1.49 or +9.61%.

Investors are feeling more bullish on shares of Basic Energy Services, Inc. lately at least if you consider the motion in short interest. The company saw a fall in short interest of -1.09% between August 15, 2017 and August 31, 2017. Short interest decreased 24,749 over that period. With short interest at 2,241,496 and short average daily volume at 306,040, days to cover is 7.0 and the percentage of shorted shares was 0.05% on August 31.

There has been some buying and selling insider activity on Basic Energy Services, Inc. (NYSE:BAS) recently. Samuel E. Langford, Director reported the purchase of 2,000 shares of BAS stock. The shares were bought on August 30th for an average price of $14.20. The Director now owns $89,460 of the stock according to the SEC filing. Thomas Monroe Patterson, President and CEO disclosed the sale of 1,500 shares. The shares were purchased at an average price of $15.21. Patterson now owns $719,022 of the stock per the Form 4 SEC filing.

Timothy H. Day, Director bought $280,350 worth of shares at an average price of $18.69 on August 7th. That brings the Director’s holdings to $377,538 as reported to the SEC.

A few notable investment firms have updated their holdings. As of quarter end Citadel Advisors LLC had acquired a total of 688,870 shares growing its stake by 4,028.5%. The value of the investment in (BAS) increased from $14,000 to $1,892,000 increasing 13,414.3% quarter over quarter. State Street Corp grew its ownership by buying 11,022 shares an increase of 7.7% from 06/30/2016 to 09/30/2016. State Street Corp owns 153,911 shares with a value of $127,000. The value of the position overall is down by 47.3%.

As of the end of the quarter Asset Planning Services, Ltd. had bought 116 shares growing its position 5.0%. The value in dollars went from $2,000 to $4,000 a change of 100.0% since the last quarter.

On July 21 analysts at Credit Suisse began coverage setting a rating of “Neutral”.

In the last earnings report the EPS was $-0.38 and is projected to be $-2.12 for the current year with 24,664,000 shares outstanding. Next quarter’s EPS is forecasted at $-0.29 with next year’s EPS anticipated to be $-0.20.

Basic Energy Services, Inc., launched on January 7, 2003, 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 Business’s segments include Completion and Remedial Services, Fluid Services, Well Servicing and Contract Drilling. The Business’s operations are managed regionally and are concentrated in the United States onshore oil and natural gas producing regions located in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, Colorado, Utah, Montana, West Virginia, California, Ohio and Pennsylvania. Its operations are focused on liquids-rich basins, as well as natural gas-focused shale plays characterized by prolific reserves. It has a presence in the Permian Basin and the Bakken, Eagle Ford, Haynesville and Marcellus shales..