Basic Energy +3.6% after raising Q4 revenue guidance


Basic Energy Services (BAS +3.6%) reports that its December activity was ahead of plan, and increased work toward the end of the month leads to higher revenue guidance.

BAS now expects Q4 revenues to fall 5%-6% Q/Q vs. its previous guidance of a 7%-8% decline; "We expect this healthier pace of activity to continue this year as many of our customers have announced increases in their spending for 2014."

Cowen notes that with nearly 50% of revenue tied to the Permian, BAS is well positioned to benefit from increases in spending; with high operating and financial leverage, BAS is one of the most targeted ways to gain exposure to changes in supply/demand for services in the Permian (Briefing.com).

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