Cushing Asset Management LP trimmed its holdings in shares of Key Energy Services, Inc. (NYSE:KEG) by 25.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,000 shares of the oil and gas company’s stock after selling 5,000 shares during the quarter. Cushing Asset Management LP owned 0.07% of Key Energy Services worth $177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also made changes to their positions in the company. Nationwide Fund Advisors purchased a new position in Key Energy Services during the 2nd quarter worth $108,000. Citadel Advisors LLC purchased a new position in Key Energy Services during the 4th quarter worth $179,000. The Manufacturers Life Insurance Company grew its stake in Key Energy Services by 46,163.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,178 shares of the oil and gas company’s stock worth $195,000 after buying an additional 10,156 shares during the last quarter. New York State Common Retirement Fund purchased a new position in Key Energy Services during the 2nd quarter worth $212,000. Finally, Deutsche Bank AG grew its stake in Key Energy Services by 149.4% during the 4th quarter. Deutsche Bank AG now owns 24,319 shares of the oil and gas company’s stock worth $285,000 after buying an additional 14,567 shares during the last quarter. Hedge funds and other institutional investors own 48.24% of the company’s stock.
In other news, SVP Katherine Hargis sold 6,092 shares of the company’s 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 sale, the senior vice president now owns 37,381 shares in the company, valued at $560,715. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO David J. Brunnert sold 2,868 shares of the company’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $15.00, for a total value of $43,020.00. Following the completion of the sale, the chief operating officer now owns 70,042 shares in the company, valued at approximately $1,050,630. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,888 shares of company stock worth $199,245. Company insiders own 3.96% of the company’s stock.
Shares of Key Energy Services, Inc. (NYSE KEG) opened at $13.95 on Friday. Key Energy Services, Inc. has a one year low of $8.20 and a one year high of $25.97.
Key Energy Services (NYSE:KEG) last posted its quarterly earnings results on Monday, February 26th. The oil and gas company reported ($1.34) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.33) by ($0.01). The business had revenue of $116.28 million during the quarter, compared to analyst estimates of $112.90 million. sell-side analysts expect that Key Energy Services, Inc. will post -2.64 EPS for the current year.
Several analysts have weighed in on the company. Seaport Global Securities upgraded Key Energy Services from a “neutral” rating to a “buy” rating in a research note on Wednesday, December 20th. Zacks Investment Research upgraded Key Energy Services from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Saturday, March 3rd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $17.00.
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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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