BMO Capital Markets Maintains Perform, $20 Target on Basic Energy Services

BMO Capital Markets reiterates its Perform rating and $20 target price on Basic Energy Services

on expectations of in-line results for Q4. BMO Capital says, "We are modestly lowering our 2012 EPS estimate to US$2.61 following updated guidance on depreciation and interest expense. We are also introducing our 2013 EPS estimate of US$2.36, reflecting our expectations of a moderation in margins for some of the company's more commoditized business lines and an overall decline in U.S. activity levels in light of weak natural gas prices." BAS closed at $20 yesterday.