We’ve covered the energy industry on a number of occasions so far this week, and there’s plenty more coverage to come, in all likelihood. Things have been active based on the wave of over-leveraging seen across the last twenty four months, and the industry is consolidating right now. Consolidation translates to a lot smart money activity, and that’s translating to a lot of industry pickups. The latest involves Luxor and Basic Energy.
In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Basic Energy Services Inc. (NYSE:BAS) reported that Luxor Capital Group has picked up 1,194,112 of common stock as of 2017-01-04.
The acquisition brings the aggregate amount owned by Luxor Capital Group to a total of 1,194,112 representing a 4.62% stake in the company.
For those not familiar with the company, Basic Energy Services, Inc. provides a range of well site services in the United States to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services, well servicing and contract drilling. The Company operates through the segment, which include Completion and Remedial Services, Fluid Services, Well Servicing and Contract Drilling. The Company’s operations are managed regionally and are concentrated in the United States onshore oil and natural gas producing regions located in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, Colorado, Utah, Montana, West Virginia, California, Ohio and Pennsylvania.
A glance at Basic Energy Services Inc. (NYSE:BAS)’s key stats reveals a current market capitalization of 74.33 billion based on 75,001.00 million shares outstanding and a price at last close of $35.65 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2015-03-16, Webster picked up 6,900 at a purchase price of $5.30. This brings their total holding to 6,900 as of the date of the filing.
On the sell side, the most recent transaction saw Luxor unload 158 shares at a sale price of $34.91. This brings their total holding to 40,689.
A small transaction, but relevant considering the content of the primary transaction in this piece.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Basic Energy Services Inc. (NYSE:BAS) as things move forward to see if its progress aligns with these transactions.
Let’s see how things play out.
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