Key Energy Services (NYSE:KEG) Lifted to Buy at ValuEngine

Key Energy Services (NYSE:KEG) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, March 22nd, ValuEngine reports.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Key Energy Services from a “hold” rating to a “buy” rating and set a $4.50 price objective for the company in a research report on Wednesday, March 13th. Seaport Global Securities set a $9.00 price objective on shares of Key Energy Services and gave the company a “buy” rating in a research report on Friday, December 7th. Capital One Financial cut shares of Key Energy Services from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 16th. Piper Jaffray Companies set a $3.00 price objective on shares of Key Energy Services and gave the company a “hold” rating in a research report on Tuesday, March 5th. Finally, Simmons cut their target price on shares of Key Energy Services from $45.00 to $3.25 and set a “neutral” rating on the stock in a research note on Thursday, December 27th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $4.94.

Key Energy Services stock traded down $0.29 during trading on Friday, reaching $3.41. 237,664 shares of the company’s stock were exchanged, compared to its average volume of 322,383. Key Energy Services has a 52-week low of $1.59 and a 52-week high of $18.40. The stock has a market cap of $75.96 million, a price-to-earnings ratio of -0.75 and a beta of 3.12.

Key Energy Services (NYSE:KEG) last announced its quarterly earnings results on Monday, February 25th. The oil and gas company reported ($1.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.02. The business had revenue of $117.25 million for the quarter, compared to analysts’ expectations of $120.70 million. On average, analysts predict that Key Energy Services will post -3.01 earnings per share for the current year.

In other Key Energy Services news, Director Scott D. Vogel acquired 50,000 shares of the company’s stock in a transaction that occurred on Thursday, February 21st. The shares were purchased at an average price of $1.98 per share, for a total transaction of $99,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Soter Capital, Llc acquired 253,519 shares of the company’s stock in a transaction that occurred on Tuesday, February 26th. The shares were acquired at an average price of $2.09 per share, for a total transaction of $529,854.71. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 501,979 shares of company stock worth $1,308,517. Company insiders own 1.64% of the company’s stock.

Several large investors have recently made changes to their positions in KEG. Rutabaga Capital Management LLC MA increased its stake in shares of Key Energy Services by 23.8% in the fourth quarter. Rutabaga Capital Management LLC MA now owns 2,016,026 shares of the oil and gas company’s stock valued at $4,173,000 after purchasing an additional 388,048 shares during the period. Prescott Group Capital Management L.L.C. acquired a new stake in shares of Key Energy Services in the fourth quarter valued at approximately $554,000. Deutsche Bank AG increased its stake in shares of Key Energy Services by 1,188.3% in the fourth quarter. Deutsche Bank AG now owns 263,757 shares of the oil and gas company’s stock valued at $545,000 after purchasing an additional 243,284 shares during the period. Putnam Investments LLC acquired a new stake in shares of Key Energy Services in the third quarter valued at approximately $1,343,000. Finally, Two Sigma Investments LP acquired a new stake in shares of Key Energy Services in the fourth quarter valued at approximately $189,000. Institutional investors own 49.28% of the company’s stock.

Key Energy Services Company Profile

Key Energy Services, Inc operates as an onshore rig-based well servicing contractor in the United States. It operates through Rig Services, Fishing and Rental Services, Coiled Tubing Services, and Fluid Management Services segments. The Rig Services segment is involved in the completion of newly drilled wells; workover and recompletion of existing oil and natural gas wells; well maintenance activities; and plugging and abandonment of wells at the end of their useful lives, as well as provision of specialty drilling services to oil and natural gas producers.

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