Key Energy Services (KEG) Downgraded by Zacks Investment Research to Hold

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Zacks Investment Research lowered shares of Key Energy Services (NYSE:KEG) from a buy rating to a hold rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Key Energy Services, Inc. is an onshore, rig-based well servicing contractor. The company’s services include drilling and workover rigs, coiled tubing, frac stack and well testing, fluid services, onshore and deepwater fishing and rental services. It operates primarily in United States, Mexico, Colombia, Ecuador, the Middle East and Russia. Key Energy Services, Inc. is headquatered in Houston, Texas. “

Several other research analysts also recently issued reports on the stock. ValuEngine downgraded shares of Key Energy Services from a buy rating to a hold rating in a research report on Wednesday, May 1st. Capital One Financial downgraded shares of Key Energy Services from an overweight rating to an equal weight rating in a research report on Wednesday, January 16th. Finally, Piper Jaffray Companies set a $3.00 price objective on shares of Key Energy Services and gave the stock a hold rating in a research report on Tuesday, March 5th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Key Energy Services presently has a consensus rating of Hold and a consensus target price of $4.94.

Shares of Key Energy Services stock opened at $2.74 on Thursday. Key Energy Services has a 1 year low of $1.59 and a 1 year high of $18.40. The company has a current ratio of 1.48, a quick ratio of 1.32 and a debt-to-equity ratio of 10.51. The firm has a market cap of $55.79 million, a price-to-earnings ratio of -0.60 and a beta of 3.10.

Key Energy Services (NYSE:KEG) last issued its quarterly earnings data on Monday, February 25th. The oil and gas company reported ($1.19) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.21) by $0.02. Key Energy Services had a negative net margin of 17.26% and a negative return on equity of 383.21%. The company had revenue of $117.25 million for the quarter, compared to the consensus estimate of $120.70 million. On average, research analysts forecast that Key Energy Services will post -3.14 EPS for the current year.

In other news, major shareholder Soter Capital, Llc bought 5,000 shares of Key Energy Services stock in a transaction dated Friday, March 15th. The stock was bought at an average price of $5.14 per share, for a total transaction of $25,700.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Scott D. Vogel bought 50,000 shares of Key Energy Services stock in a transaction dated Thursday, February 21st. The stock was purchased at an average price of $1.98 per share, with a total value of $99,000.00. The disclosure for this purchase can be found here. Insiders bought a total of 501,979 shares of company stock valued at $1,308,517 in the last 90 days. Company insiders own 1.64% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Alambic Investment Management L.P. acquired a new stake in shares of Key Energy Services in the 1st quarter worth $52,000. Virtu Financial LLC acquired a new stake in shares of Key Energy Services in the 4th quarter worth $28,000. Two Sigma Advisers LP acquired a new stake in shares of Key Energy Services in the 4th quarter worth $38,000. Renaissance Technologies LLC acquired a new stake in shares of Key Energy Services in the 3rd quarter worth $257,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Key Energy Services by 30.4% in the 1st quarter. Wells Fargo & Company MN now owns 23,115 shares of the oil and gas company’s stock worth $94,000 after acquiring an additional 5,387 shares during the period. Institutional investors own 49.22% of the company’s stock.

About Key Energy Services

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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