UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Basic Energy Services Following 2Q13 Earnings Report

In a report published Tuesday, Jefferies analyst Brad Handler reiterated a Hold rating on Basic Energy Services BAS, but lowered the price target from $13.50 to $13.00. In the report, Jefferies noted, “BAS shares have retraced to a more supportable position as overly optimistic enthusiasm regarding Permian activity (in our view) has given way to the reality of a subdued 2013 and more competition in its core markets. We lower 2013/2014 EPS estimates to ($0.65)/$0.20 from ($0.40)/$0.50 ('13 revisions are in line with guidance) and maintain our Hold rating. We tweak our PT to $13 from $13.50.” Basic Energy Services closed on Monday at $12.22.