UPDATE: Williams Financial Group Initiates Basic Energy Services at Hold on Competitive Challenges

Williams Financial Group initiated coverage on Basic Energy Services (NYSE: BAS) with a Hold rating and a price target of $15.

Williams Financial Group said, "The company's legacy in the Permian Basin served them well as the migration of interest and equipment from natural gas to oil started. However, challenges to differentiate in an oversupplied market continue to unfold, with near‐term activity and margin uncertainty an overhang."

Basic Energy Services closed at $12.64 on Thursday.