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PES - Wrong Time For A Share Buyback At Basic Energy Services
Pioneer Energy Services
Basic Energy Services (BAS) provides well completion and production services for fracking oil and gas production in the Southwest United States. The company loses money, is highly indebted, has poor prospects for any of those things to improve. Management recently announced plans to buyback shares which will prove to be a terrible idea for the reasons stated below. I believe all these things will produce a much lower stock price in the near future, and despite the small market cap, I am short.