why bonanza creek energy, basic energy services, and matrix service company all jumped this week
TRANSCRIPT
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Why Bonanza Creek Energy, Basic Energy Services, and Matrix Service Company All
Jumped This Week
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Volatility continued to be the main theme of the market this week as it
made several triple-digit moves. Meanwhile, crude oil kept bouncing
around, hitting a high near $50 a barrel on Monday, only to drop to less than $44 a barrel a few days
later.
This led to a lot of volatility among energy stocks, with dozens surging or plunging by double digits by the
end of the week. Photo credit: TaxCredits.net
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What:Oil producer Bonanza Creek Energy’s (NYSE: BCEI) stock jumped more than 13%
this week.
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So What: Key driver: Wunderlich
reiterated its Buy rating on the company and $29 price target
It pointed out that the company has a negative implied land value vs. its peers
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Now What: Wunderlich also said that
the debt fears are overblown as the company has long duration debt that is covenant light
Key takeaway: Investors seem to agree that this stock is oversold
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What:Energy engineering company Matrix Service Company (NASDAQ: MTRX) leapt more
than 14% this week.
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So What: Key driver: Matrix Service
Company reported its fiscal fourth-quarter results on Monday
EPS of $0.40 per share, which was $0.13 per share higher than estimates
Revenue of $370.5 million, which was up 7.6% over last year
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Now What: Company also said it was
confident in its fiscal 2016 guidance and that it has a record backlog, as well as several proposals for additional projects
Key takeaway: Investors were pleased with the results and optimistic outlook
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What:Oil-field service company Basic Energy Services (NYSE: BAS) rocketed more than
17% this week.
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So What: Key driver: Wunderlich
upgraded the company from a Sell to a Hold with a $4 price target
The upgrade noted that Basic is doing a good job managing through a very tough downturn
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Now What: It also noted that Basic has
$200 million of liquidity and recently made a good deal with its banks
Further, despite the downturn, the company should still generate cash flow
Key takeaway: Investors agree that Basic Energy Services looks like it will survive the downturn
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