- 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."
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