UPDATE: Clarkson Capital Markets Lowers PT to $11 on Basic Energy Services on Lower Guidance

Clarkson Capital Markets reiterated its Market-Perform rating on Basic Energy Services (NYSE: BAS) and lowered its price target from $12 to $11.

Clarkson Capital Markets said, "We are trimming our target price to $11 from $12 to adjust for our more muted outlook towards crude and natural gas prices and the company's lowered outlook for 4Q12 US activity levels. … Continued decline in fluid services (especially frac tank rentals and skim oil sales) as attributed as causing more than half of the reduction in total revenue the company anticipates next quarter."

Basic Energy Services closed at $10.44 on Friday.