- Basic Energy Services (BAS -4%) expects Q4 revenue will fall 6%-7% Q/Q due to seasonal factors, and lower utilization levels could pressure pricing and margins in some markets.
- As of Sept. 30, BAS' well servicing rig count was unchanged at 425; well servicing rig hours totaled 69,300 producing a rig utilization rate of 71%, vs. 77% in the prior month and 71% a year ago.
- Iberia Capital downgrades shares to Sector Perform from Outperform, saying BAS "indicated lower utilization levels, coupled with seasonal slowdowns, could pressure pricing in crowded markets."
Basic Energy Service slips on lower revenue outlook
Oct 15 2013, 12:36 ET