Jefferies Reports Strong 1Q EPS For BAS

According to Jefferies, Basic Energy Services BAS reported 1Q EPS of $0.20, blowing away its estimate of $0.05 and FC of $0.03 driven primarily by higher revenues in the Completion & Remedial segment and secondarily by higher margins in the Well Servicing segment. Jefferies said that BAS' results should bode well for land drillers' with pressure pumping operations like Patterson-UTI (PTEN, $30.57, Buy) and Nabors (NBR, $31.98, Buy) or workover operations like Pioneer Drilling (PDC, $15.67, Buy). Basic Energy Services closed yesterday at $27.86.