UPDATE: Jefferies Reiterates Basic Energy Services at Hold While Reducing Estimates for Q4 and 2013
Jefferies reiterated its Hold rating and $10 price target on Basic Energy Services (NYSE: BAS).
Jefferies noted, "We lower BAS estimates for 4Q12 and 2013 to reflect current operating weakness, including modestly more day rate pressure and concerns about at least 1H13 activity in Permian and Mid-Con regions. Further, we lower 2014E EPS on conservatism, albeit we still assume a healthy recovery. We continue to prefer peers with stronger FCF profiles for 2013."
Basic Energy Services closed at $11.51 on Wednesday.
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