Zacks Investment Research upgraded shares of Key Energy Services (NYSE:KEG) from a hold rating to a buy rating in a report issued on Wednesday. They currently have $4.50 price target on the oil and gas company’s stock.

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 brokerages have also issued reports on KEG. Piper Jaffray Companies lowered shares of Key Energy Services from an overweight rating to a neutral rating and set a $10.00 price target for the company. in a report on Monday, November 19th. Seaport Global Securities set a $9.00 target price on shares of Key Energy Services and gave the stock a buy rating in a research note on Friday, December 7th. ValuEngine lowered shares of Key Energy Services from a strong-buy rating to a buy rating in a research note on Friday, December 7th. Capital One Financial lowered shares of Key Energy Services from an overweight rating to an equal weight rating in a research note on Wednesday, January 16th. Finally, Simmons reduced their target price on shares of Key Energy Services from $45.00 to $3.25 and set a neutral rating for the company in a research note on Thursday, December 27th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Key Energy Services currently has an average rating of Hold and a consensus target price of $4.94.

Shares of KEG stock opened at $6.15 on Wednesday. Key Energy Services has a 12-month low of $1.59 and a 12-month high of $18.40. The firm has a market capitalization of $124.83 million, a PE ratio of -1.35 and a beta of 2.95.

In related news, insider Robert J. Saltiel bought 20,000 shares of Key Energy Services stock in a transaction that occurred on Thursday, February 21st. The stock was purchased at an average cost of $1.86 per share, with a total value of $37,200.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Soter Capital, Llc bought 253,519 shares of Key Energy Services stock in a transaction that occurred on Tuesday, February 26th. The stock was bought at an average cost of $2.09 per share, with a total value of $529,854.71. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 496,979 shares of company stock valued at $1,282,817. Company insiders own 3.96% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Northern Trust Corp lifted its position in Key Energy Services by 2.8% during the 2nd quarter. Northern Trust Corp now owns 476,157 shares of the oil and gas company’s stock worth $7,733,000 after buying an additional 13,145 shares in the last quarter. Wells Fargo & Company MN lifted its position in Key Energy Services by 55.6% during the 3rd quarter. Wells Fargo & Company MN now owns 175,424 shares of the oil and gas company’s stock worth $2,007,000 after buying an additional 62,677 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Key Energy Services by 6.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 202,921 shares of the oil and gas company’s stock worth $2,321,000 after buying an additional 12,902 shares in the last quarter. Rutabaga Capital Management LLC MA lifted its position in Key Energy Services by 70.7% during the 3rd quarter. Rutabaga Capital Management LLC MA now owns 1,627,978 shares of the oil and gas company’s stock worth $18,624,000 after buying an additional 674,018 shares in the last quarter. Finally, PEAK6 Investments LLC bought a new stake in Key Energy Services during the 3rd quarter worth about $172,000. 49.45% of the stock is owned by hedge funds and other institutional investors.

About Key Energy Services

Key Energy Services, Inc operates as an onshore rig-based well servicing contractor in the United States. The company's U.S. 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 lives, as well as provision of specialty drilling services to oil and natural gas producers.

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