Basic Energy Services Inc (NYSE:BAS) was the recipient of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 3,386,500 shares, a drop of 11.5% from the July 31st total of 3,828,100 shares. Based on an average daily volume of 493,600 shares, the short-interest ratio is currently 6.9 days. Approximately 14.3% of the company’s shares are short sold.

NYSE:BAS traded down $0.11 during trading hours on Friday, hitting $1.83. The company had a trading volume of 75,617 shares, compared to its average volume of 281,175. The company has a market capitalization of $50.86 million, a PE ratio of -0.50 and a beta of 2.43. The stock has a 50-day moving average price of $1.53 and a 200 day moving average price of $2.60. Basic Energy Services has a 52 week low of $1.21 and a 52 week high of $12.12. The company has a debt-to-equity ratio of 1.95, a current ratio of 1.41 and a quick ratio of 1.22.

Basic Energy Services (NYSE:BAS) last released its quarterly earnings results on Wednesday, July 31st. The oil and gas company reported ($1.02) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.16). The company had revenue of $189.85 million during the quarter, compared to the consensus estimate of $205.83 million. Basic Energy Services had a negative net margin of 14.97% and a negative return on equity of 50.17%. Analysts anticipate that Basic Energy Services will post -4.04 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. Morgan Stanley boosted its holdings in shares of Basic Energy Services by 216.6% during the 2nd quarter. Morgan Stanley now owns 14,635 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 10,012 shares in the last quarter. Brave Asset Management Inc. boosted its holdings in shares of Basic Energy Services by 73.1% during the 2nd quarter. Brave Asset Management Inc. now owns 31,560 shares of the oil and gas company’s stock valued at $60,000 after buying an additional 13,330 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Basic Energy Services by 10,697.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 35,848 shares of the oil and gas company’s stock valued at $68,000 after buying an additional 35,516 shares in the last quarter. KBC Group NV bought a new stake in shares of Basic Energy Services during the 2nd quarter valued at $95,000. Finally, Cetera Advisors LLC boosted its holdings in shares of Basic Energy Services by 284.3% during the 2nd quarter. Cetera Advisors LLC now owns 57,160 shares of the oil and gas company’s stock valued at $109,000 after buying an additional 42,285 shares in the last quarter. Hedge funds and other institutional investors own 90.23% of the company’s stock.

Several analysts recently weighed in on the stock. ValuEngine upgraded shares of Basic Energy Services from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Piper Jaffray Companies cut shares of Basic Energy Services from an “overweight” rating to a “neutral” rating and cut their price target for the company from $6.50 to $3.00 in a report on Tuesday, June 25th. Zacks Investment Research cut shares of Basic Energy Services from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, Seaport Global Securities set a $3.00 price target on shares of Basic Energy Services and gave the company a “buy” rating in a report on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Basic Energy Services currently has an average rating of “Hold” and an average target price of $3.00.

Basic Energy Services Company Profile

Basic Energy Services, Inc provides well site services to oil and natural gas drilling and producing companies in the United States. The company operates through Completion and Remedial Services, Well Servicing, Water Logistics, and Contract Drilling segments. The Completion and Remedial Services segment offers pumping services, such as cementing, acidizing, fracturing, nitrogen, and pressure testing; rental and fishing tools; coiled tubing; snubbing services; thru-tubing; underbalanced drilling in low pressure and fluid sensitive reservoirs; and cased-hole wireline services.

Further Reading: Return on Investment (ROI)

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