UPDATE: Global Hunter Securities Upgrades Basic Energy Services (BAS) to Accumulate

(Updated - July 28, 2014 10:35 AM EDT)

Global Hunter Securities upgraded Basic Energy Services (NYSE: BAS) from Neutral to Accumulate with a price target of $30.

Analyst Mark Brown said, "Q2 results were below expectations in Fluid Services, and the outlook commentary was somewhat disappointing in Completion & Remedial Services relative to elevated expectations. Sequential revenue growth guidance of 4%-6% came in marginally below our prior view. We have reduced our 2015 EPS estimate from $1.69 to $1.55 to reflect somewhat less aggressive assumptions. We have lowered our price target (by $1) to $30 based on a 5.3x multiple on our downwardly revised 2015 EBITDA. However, we see the 9% share price decline on Friday as an overreaction to a fairly benign earnings report. Therefore, we have increased our rating to Accumulate (from Neutral) given the upside potential to our revised price target of $30."

For an analyst ratings summary and ratings history on Basic Energy Services click here. For more ratings news on Basic Energy Services click here.

Shares of Basic Energy Services closed at $25.31 yesterday.

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