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.
News For BAS From The Last 14 Days
Check below for free stories on BAS the last two weeks.
Basic Energy reports Q2 adjusted EPS 13c, consensus 9c Reports Q2 revenue $359.66M, consensus $356.27M. The adjusted EPS excludes a $2.9M, or 7c per diluted share, after-tax amount related to Basic's participation in a legal settlement associated with a 2013 accident. Completion and remedial services revenue rose 20% to $164.4M in Q2. Adjusted for the sale of the company's barge operations in March, well servicing revenues increased two% to $89.6M during Q2. Fluid services revenue in Q2 decreased 3% to $90.3M. Contract drilling revenue increased 14% to $15.4M during Q2.