UPDATE: Dahlman Rose Downgrades Basic Energy Services to Hold on Valuation

In a report published Monday, Dahlman Rose downgraded its rating on Basic Energy Services BAS from Buy to Hold. Dahlman Rose noted, “We are downgrading Basic Energy Services to Hold from Buy. BAS has appreciated 52% since our North American Upgrade report published November 19, 2012, and the stock is currently trading within 1% of our fair value estimate of $15 per share. We have also adjusted our 2013 EPS estimate to ($0.05) from $0.25, based on our expectation for a slower-paced recovery in North America in 2H13.” Basic Energy Services closed on Friday at $14.75.