Key Energy Services (KEG) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of Key Energy Services (NYSE:KEG) from a hold rating to a sell rating in a report released on Wednesday.
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. “
Other analysts have also issued reports about the company. Piper Jaffray Companies reaffirmed a buy rating and issued a $17.00 price objective on shares of Key Energy Services in a research note on Tuesday, September 19th. Seaport Global Securities raised Key Energy Services from a neutral rating to a buy rating in a research note on Wednesday, December 20th. Finally, Johnson Rice began coverage on Key Energy Services in a research note on Thursday, September 21st. They issued an accumulate rating on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. Key Energy Services currently has an average rating of Hold and an average target price of $18.17.
In other Key Energy Services news, SVP Katherine Hargis sold 6,092 shares of the stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $15.00, for a total value of $91,380.00. Following the completion of the transaction, the senior vice president now directly owns 37,381 shares in the company, valued at $560,715. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott D. Vogel bought 25,000 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was purchased at an average price of $9.00 per share, with a total value of $225,000.00. The disclosure for this purchase can be found here. Insiders sold 13,888 shares of company stock valued at $199,245 over the last quarter. Corporate insiders own 3.96% of the company’s stock.
A number of institutional investors have recently bought and sold shares of KEG. Fine Capital Partners L.P. raised its position in Key Energy Services by 179.6% in the second quarter. Fine Capital Partners L.P. now owns 629,546 shares of the oil and gas company’s stock valued at $12,112,000 after purchasing an additional 404,361 shares during the last quarter. Boston Partners bought a new position in Key Energy Services in the third quarter valued at about $2,242,000. State Street Corp bought a new position in Key Energy Services in the second quarter valued at about $2,174,000. Akanthos Capital Management LLC bought a new position in Key Energy Services in the third quarter valued at about $1,317,000. Finally, Northern Trust Corp bought a new position in Key Energy Services in the second quarter valued at about $1,723,000. Hedge funds and other institutional investors own 49.21% of the company’s stock.
About Key Energy Services
Key Energy Services, Inc is an onshore, rig-based well servicing contractor. The Company provides a range of well services to oil companies, foreign national oil companies, and independent oil and natural gas production companies. The Company operates in five segments: U.S. Rig Services, Fluid Management Services, Coiled Tubing Services, Fishing and Rental Services, and International.
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