Basic Energy well positioned for upturn in U.S. onshore capex, Imperial says

Basic Energy Services (BAS) is initiated with an Outperform rating and $20 price target at Imperial Capital, which says BAS is well positioned for an upturn in U.S. onshore spending given its diverse service portfolio and attractive geographic footprint.

BAS has an established presence in several attractive basins, which should enable it to benefit from an expected rebound in oilfield service demand in 2014, the firm says.

BAS assets are particularly well positioned in oily basins such as the Permian and Eagle Ford, which should enable it capitalize on any increase in capex tied to greater E&P activity in these areas, the firm adds.

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