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Tue, Jan. 19, 12:41 PM
Dec. 14, 2015, 2:58 PM
- Basic Energy Services (BAS -13%) tumbles to all-time lows after reiterating its recent guidance forecasting a 13%-15% Q/Q drop in Q4 revenue.
- BAS says well servicing rig utilization rates also continued to decline during November to 37.6K hours, or ~39%, down from 44% in October and 67% in November 2014; drill rig utilization was 16% last month, edging up from 13% pace in October but down drastically from 83% a year ago.
- Shares are downgraded to Sector Perform from Outperform at Scotia Howard Weil.
Oct. 5, 2015, 12:46 PM
Sep. 30, 2015, 11:24 AM
- Basic Energy Services (BAS -4.7%) is downgraded to In-line from Outperform with a $4.75 price target, cut from $10, at Imperial Capital.
- The firm believes that while BAS is well positioned to ultimately benefit from a recovery in U.S. onshore E&P activity given its diverse service mix and attractive geographic footprint, it views near-term upside as limited, as "the industry downturn poses risk to earnings, balance sheet leverage is substantial, and the stock trades at a premium to peers."
- BAS exited Q2 with $208M in liquidity, which Imperial says should prove sufficient to fund the company’s business needs over the next 12-18 months.
Sep. 11, 2015, 12:44 PM
Aug. 31, 2015, 3:17 PM
- Basic Energy Services (BAS +10.2%) is upgraded to Hold from Sell with a $4 price target at Wunderlich, which says the company continues to forge ahead in a difficult oilfield services environment, and insider buying should provide support to the shares at current levels.
- The firm foresees an end to the 50% drop in the BAS stock that followed Q2 results and concerns about Q3 guidance.
- BAS still has more than $200M in liquidity, already made a good deal with its banks as far as its credit facility, and should still generate cash flow even in a tough market, Wunderlich adds.
Aug. 25, 2015, 9:19 AM| Aug. 25, 2015, 9:19 AM | 7 Comments
Jun. 12, 2015, 3:58 PM
- Basic Energy Services (BAS +2.4%) is higher despite increasing its projected Q2 revenue decline to 22%-24% Q/Q compared with prior expectations for a 10%-15% drop, due mostly to adverse weather earlier in the quarter.
- BAS says its well servicing rig count remains unchanged at 421, with May well servicing rig hours at 48.2K, producing a rig utilization rate of 50% vs. 50% in the prior month and 70% in May 2014.
- Says price concessions are starting to stabilize in most operating markets, and well servicing and fluid services utilization appears to have reached steady levels with potential for slight improvement through the summer months.
Apr. 13, 2015, 12:44 PM
Apr. 13, 2015, 11:24 AM
- "No one (including us) has a really good handle on energy industry earnings estimates over the next few years," says J. Marshall Adkins and team at Raymond James, downgrading Cameron International (CAM -1%), Nabors Industries (NBR -0.3%), Schlumberger (SLB -0.8%), FMC Technologies (FTI -1.5%), and Basic Energy Services (BAS -6.6%).
- Nevertheless, Adkins gives it his best shot and his numbers are well below the Street for 2015 and 2016. Then there's valuations, and the recent surge in prices has left them less than compelling.
- Noted is substantial pricing pressur and overcapacity in many business lines, a more prolonged downturn internationally, and offshore activity not expected to see even a moderate uptick for several years.
- Source: Barron's
- Previously: Schlumberger slips as Raymond James heads to the sidelines (April 13)
- Previously: Raymond James throws in the towel on oil services (April 13)
Mar. 27, 2015, 3:58 PM
- While Deutsche Bank analysts see oil poised for a modest recovery, they nevertheless downgrade Pioneer Energy (PES -8.1%) and Precision Drilling (PDS -3.7%) to Hold from Buy, believing that some of the traditional early cycle winners - specifically land drillers - will trade up in the near-term but the strong earnings recovery required to justify such a move will disappoint.
- But the firm does not think investors should avoid all oil services stocks, saying well service companies such as Basic Energy Services (BAS -2.8%) and Key Energy Services (KEG flat) could be the biggest beneficiaries, actually helped by a more cautious environment in which operators can generate high returns and quick paybacks by enhancing production from existing wells.
Dec. 19, 2014, 12:45 PM
Dec. 16, 2014, 12:37 PM
- Wunderlich downgrades oil drillers Basic Energy Services (BAS +11.7%) and Key Energy Services (KEG -2.6%) to Sell from Hold and Pioneer Energy Services (PES +12.8%) to Hold from Buy, as the greatly reduced 2015 activity outlook likely hits all three very hard both operationally and financially.
- While the full impact of the oil price collapse has not been felt yet, "rest assured the pain is coming - and coming soon," the firm says, adding that the current downturn is even more scary than in 2008-09 because "this time it looks as if there is no basin or commodity to shift activity into."
- Nevertheless, a broad array of energy stocks have turned around from early morning losses to move higher.
Nov. 28, 2014, 7:48 AM
- The oil market will need to balance via slower U.S. shale growth and OPEC cuts at some later date (their next meeting is on June 5), says Goldman's Brian Singer, maintaining his team's WTI oil price outlook of $70-$75 per barrel for next year.
- Among the energy sub-sectors, refiners and pipelines continue as favorites, and five of Goldman's eleven energy and utilities stocks on the Americas Conviction Buy list are from midstream/refining: KMI, MWE, PAGP, TRGP, TSO (all are lower premarket on oil's tumble).
- Not buyers of oil services and E&P names, Goldman nevertheless does have favorites in these areas: CRR, BAS, RIG.
Oct. 27, 2014, 8:55 AM
- Goldman Sachs lowers its ratings on the oil services sector (NYSEARCA:OIH) to Cautious from Attractive and downgrades several specific stocks as it cuts its 2015 oil price forecast.
- U.S. land activity will suffer the biggest impact of the lower price deck, Goldman says, with customer capital spending expected to decline 6% next year vs. its prior outlook for a 9% increase; as a result, the firm now forecasts the horizontal U.S. rig count to fall 7%, or ~200 rigs, over the next 12 months.
- Goldman downgrades Parsley Energy (PE -3.8% premarket), Diamond Offshore (DO -1.5%), Laredo Petroleum (LPI -9%) and Basic Energy Services (BAS -6.2%) to Sell with sharply lower price targets; Patterson-UTI (NASDAQ:PTEN), Pioneer Energy (NYSE:PES) and Emerge Energy (NYSE:EMES) are cut to Neutral.
- The firm adds Oceaneering (OII -0.3%) to its Conviction Buy list; it also removes Halliburton (HAL -1.5%) from the list but maintains its Buy rating on the stock.
Oct. 17, 2014, 5:40 PM
Basic Energy Services Inc provides well site services to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services, well servicing and contract drilling in the United States.
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