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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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