Imperial Capital cut its price target on the stock to $14.50 from $23 and maintained its "outperform" rating. The firm said the reduction represents a "more cautious fundamental outlook" on energy industry activity in the next few years.
Stephens also lowered its rating on Basic Energy Services to "equal weight" from "overweight."
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More than 4.6 million shares had changed hands as of 2:59 p.m., compared to the daily average volume of 2,447,600.
Separately, TheStreet Ratings team rates BASIC ENERGY SERVICES INC as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BASIC ENERGY SERVICES INC (BAS) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, weak operating cash flow and poor profit margins."