Key Energy Services Inc (NYSE:KEG) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,690,000 shares, a growth of 12.7% from the September 30th total of 1,500,000 shares. Approximately 17.6% of the shares of the company are short sold. Based on an average daily trading volume, of 552,200 shares, the short-interest ratio is presently 3.1 days.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Prescott Group Capital Management L.L.C. bought a new position in Key Energy Services in the 2nd quarter worth about $83,000. RBF Capital LLC increased its stake in Key Energy Services by 46.9% in the 2nd quarter. RBF Capital LLC now owns 73,007 shares of the oil and gas company’s stock worth $164,000 after acquiring an additional 23,305 shares during the last quarter. Vanguard Group Inc. increased its stake in Key Energy Services by 126.6% in the 2nd quarter. Vanguard Group Inc. now owns 493,538 shares of the oil and gas company’s stock worth $1,111,000 after acquiring an additional 275,728 shares during the last quarter. Paloma Partners Management Co bought a new position in Key Energy Services in the 2nd quarter worth about $104,000. Finally, Citadel Advisors LLC bought a new position in Key Energy Services in the 2nd quarter worth about $46,000. 45.63% of the stock is currently owned by institutional investors and hedge funds.
KEG traded up $0.02 during trading on Friday, reaching $0.31. 409,846 shares of the company were exchanged, compared to its average volume of 1,232,707. The company’s 50-day moving average is $1.08 and its two-hundred day moving average is $1.93. The company has a debt-to-equity ratio of 39.86, a quick ratio of 1.23 and a current ratio of 1.25. Key Energy Services has a 12-month low of $0.26 and a 12-month high of $8.33.
A number of research analysts have recently commented on KEG shares. Zacks Investment Research raised Key Energy Services from a “sell” rating to a “hold” rating in a research report on Saturday, November 9th. Johnson Rice cut Key Energy Services from an “accumulate” rating to a “hold” rating in a report on Thursday, August 15th. ValuEngine cut Key Energy Services from a “buy” rating to a “hold” rating in a report on Monday, November 11th. Finally, Seaport Global Securities set a $3.00 price objective on Key Energy Services and gave the stock a “buy” rating in a report on Monday, August 12th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $3.44.
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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