Key Energy Services (NYSE:KEG) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Key Energy Services (NYSE:KEG) from a buy rating to a hold rating in a research note issued to investors on Thursday, January 25th.

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. “

Separately, Seaport Global Securities upgraded shares of Key Energy Services from a neutral rating to a buy rating in a research note on Wednesday, December 20th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $17.67.

Shares of Key Energy Services (NYSE:KEG) traded up $0.09 during trading on Thursday, hitting $12.91. 58,786 shares of the stock were exchanged, compared to its average volume of 143,082. Key Energy Services has a 1-year low of $8.20 and a 1-year high of $34.00.

In related news, COO David J. Brunnert sold 2,868 shares of the stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $15.00, for a total transaction of $43,020.00. Following the sale, the chief operating officer now owns 70,042 shares in the company, valued at $1,050,630. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $91,380.00. Following the sale, the senior vice president now owns 37,381 shares in the company, valued at approximately $560,715. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,888 shares of company stock worth $199,245.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nationwide Fund Advisors acquired a new stake in Key Energy Services during the second quarter worth about $108,000. Bank of New York Mellon Corp raised its stake in Key Energy Services by 17.3% during the third quarter. Bank of New York Mellon Corp now owns 39,914 shares of the oil and gas company’s stock worth $525,000 after acquiring an additional 5,874 shares during the period. Geode Capital Management LLC raised its stake in Key Energy Services by 12.5% during the fourth quarter. Geode Capital Management LLC now owns 84,978 shares of the oil and gas company’s stock worth $1,001,000 after acquiring an additional 9,447 shares during the period. The Manufacturers Life Insurance Company raised its stake in Key Energy Services by 46,163.6% during the second quarter. The Manufacturers Life Insurance Company now owns 10,178 shares of the oil and gas company’s stock worth $195,000 after acquiring an additional 10,156 shares during the period. Finally, New York State Common Retirement Fund acquired a new stake in Key Energy Services during the second quarter worth about $212,000. Hedge funds and other institutional investors own 49.44% of the company’s stock.

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Key Energy Services Company Profile

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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