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 (NYSE: 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.

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