Basic Energy downgraded to Underperform from Hold at Jefferies Jefferies downgraded Basic Energy Services to Underperform citing the recent rally in shares but raised its price target for the name to $16 from $13.50. The firm believes the recent stock rise overstates the company's potential benefit from the expected Permian uplift.
Basic Energy signs letter of intent with Quantum Energy Partners Basic reported that it has recently signed a non-binding letter of intent with an affiliate of private capital investor Quantum Energy Partners to fund up to $250M, and expandable under certain conditions, for selected future transactions in North American oilfield service assets, companies or strategic joint ventures. "This flexible structure and capital availability could allow Basic to opportunistically make acquisitions and grow its business in today's oilfield services market. We believe that there will be compelling acquisition opportunities over the near term," said Quantum.