Barclays Cuts Estimates & PT on Basic Energy Services (BAS); Good Buyback, But Q2 Still Missed
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Price: $0.44 --0%
Rating Summary:
7 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays maintains an 'Equalweight' on Basic Energy Services (NYSE: BAS) price target of $23.00 (from $24.00).
Analyst, James C. West, thinks Basic Energy will benefit from the continued shift toward drilling and activity in oil and liquids-rich plays (Permian Basin). However, for 2012, a slow decline in N.A. rig counts may make earnings expansion difficult. But, heading into 2013, BAS should be poised for significant recovery.
BAS has repurchased 1.1 million shares (through July 25) of its stock and West feels that's the best use of cash at this point. However, despite the buybacks, Q2 earnings were disappointing (misses by $0.02 on light revenues). Therefore, West lowers FY12 EPS estimate from $1.80 to $1.70 and FY13 from $1.95 to $1.90.
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 $10.06 yesterday.
Analyst, James C. West, thinks Basic Energy will benefit from the continued shift toward drilling and activity in oil and liquids-rich plays (Permian Basin). However, for 2012, a slow decline in N.A. rig counts may make earnings expansion difficult. But, heading into 2013, BAS should be poised for significant recovery.
BAS has repurchased 1.1 million shares (through July 25) of its stock and West feels that's the best use of cash at this point. However, despite the buybacks, Q2 earnings were disappointing (misses by $0.02 on light revenues). Therefore, West lowers FY12 EPS estimate from $1.80 to $1.70 and FY13 from $1.95 to $1.90.
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 $10.06 yesterday.
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