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Deutsche Bank raised its price target on Buy-rated Basic Energy Services (NYSE: BAS) from $14 to $18.
The firm comments, "While headwinds of pricing pressures and increasing competition remain for most of BAS' services, we reiterate our BUY rating as they are doing a good job with cost controls and are seeing signs of the bottom with their view that spot pricing for pumping has bottomed and saw an uptick in activity in Appalachia. With its more stable well servicing business, we continue to favor leverage to a recovery in marginal oil driven activity."
For an analyst ratings summary and ratings history on Basic Energy Services click here. For more ratings news on Basic Energy Services click here.
Shares of Basic Energy Services closed at $10.29 yesterday, with a 52 week range of $8.52-$22.50.
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