Basic Energy Services, one of my most favorite positions, is reporting Q1 earnings after the close.
The stock is up ~80% since the start of the year. Accordingly, it is being afforded a little break today, while longs lock in some gains.
Cain Hammond Thaler will not be among the profiteers, as he is resting self-assuredly in his 9th floor office, indifferent to the prospect of a BAS sell off. Cocky, even.
Natural gas spot pricing is back to $4.70. That is a huge rebound from the mighty flush out that first put the natural gas sector on ice. Since which time, BAS and strengthened their corporate entity, engaging in buy outs and solidifying the balance sheet.
Let’s see what they can do.
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I’d love a steep pullback to add.
http://finance.yahoo.com/news/inplay-briefing-com-055139997.html#bas
6:42 pm Basic Energy Services beats by $0.04, beats on revs; guides Q2 revs above consensus (BAS) : Reports Q1 (Mar) loss of $0.05 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.09); revenues rose 10.6% year/year to $336.76 mln vs the $330.09 mln consensus.
BAS is tough to price here, still losing money. I’m going to wait until I can get a good look at the cash flows report as that will really tell me what I want to know.