Basic Energy forecasts better-than-expected 3Q

Basic Energy Services Inc., an oil and gas well site services provider, on Monday forecast third-quarter earnings and revenue that beat Wall Street estimates.

The company predicted earnings ranging between 60 cents per share and 63 cents per share on revenue of about $278 million. The third-quarter report will include an after-tax charge of $800,000, or 2 cents per share, related to costs of a terminated merger with Grey Wolf Inc.

Analysts polled by Thomson Reuters predict earnings of 55 cents per share on revenue of $264.2 million. Analyst estimates typically exclude one-time items.

The Midland, Texas-based company is slated to release its third-quarter results Nov. 3 after the market closes.

Basic Energy provides well site services throughout Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain states.

Shares of Basic Energy gained 68 cents, or 5.6 percent, to $12.91 in late-morning trading.