Short Interest in Key Energy Services, Inc. (NYSE:KEG) Increases By 78.9%
Key Energy Services, Inc. (NYSE:KEG) saw a large growth in short interest during the month of June. As of June 30th, there was short interest totalling 1,173,043 shares, a growth of 78.9% from the June 15th total of 655,764 shares. Currently, 11.2% of the shares of the stock are short sold. Based on an average daily volume of 249,867 shares, the days-to-cover ratio is currently 4.7 days.
Large investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. increased its stake in Key Energy Services by 39.6% in the first quarter. Point72 Asset Management L.P. now owns 88,792 shares of the oil and gas company’s stock worth $2,062,000 after buying an additional 25,209 shares in the last quarter. RBF Capital LLC increased its stake in Key Energy Services by 303.2% in the first quarter. RBF Capital LLC now owns 89,607 shares of the oil and gas company’s stock worth $2,081,000 after buying an additional 67,385 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new stake in Key Energy Services during the first quarter worth about $265,000. York Capital Management Global Advisors LLC purchased a new stake in Key Energy Services during the first quarter worth about $1,161,000. Finally, GeoSphere Capital Management increased its stake in Key Energy Services by 505.6% in the first quarter. GeoSphere Capital Management now owns 25,000 shares of the oil and gas company’s stock worth $580,000 after buying an additional 20,872 shares in the last quarter. Institutional investors and hedge funds own 46.83% of the company’s stock.
KEG has been the topic of several research reports. Zacks Investment Research downgraded shares of Key Energy Services from a “hold” rating to a “sell” rating in a research report on Thursday, May 11th. Nomura initiated coverage on shares of Key Energy Services in a research report on Wednesday, April 19th. They issued a “neutral” rating and a $27.00 price target on the stock. Piper Jaffray Companies upgraded shares of Key Energy Services from a “neutral” rating to an “overweight” rating in a research report on Wednesday, March 29th. Seaport Global Securities downgraded shares of Key Energy Services from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $26.00 to $19.00 in a research report on Wednesday, June 21st. Finally, Instinet reiterated a “neutral” rating and set a $23.00 target price (down previously from $27.00) on shares of Key Energy Services in a research report on Monday, May 15th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $21.75.
Shares of Key Energy Services (NYSE:KEG) opened at 19.50 on Thursday. Key Energy Services has a 12-month low of $15.42 and a 12-month high of $40.00. The firm’s 50-day moving average is $18.29 and its 200 day moving average is $25.11. The stock has a market capitalization of $391.87 million and a P/E ratio of 15.98.
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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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