Bank of America Corp DE trimmed its position in Key Energy Services Inc (NYSE:KEG) by 48.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,933 shares of the oil and gas company’s stock after selling 17,463 shares during the quarter. Bank of America Corp DE owned approximately 0.09% of Key Energy Services worth $308,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Rutabaga Capital Management LLC MA bought a new stake in shares of Key Energy Services in the 2nd quarter valued at approximately $15,492,000. BlackRock Inc. increased its holdings in shares of Key Energy Services by 5.9% in the 2nd quarter. BlackRock Inc. now owns 505,390 shares of the oil and gas company’s stock valued at $8,207,000 after acquiring an additional 28,205 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Key Energy Services by 6.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 190,019 shares of the oil and gas company’s stock valued at $3,087,000 after acquiring an additional 12,037 shares during the last quarter. Federated Investors Inc. PA increased its holdings in shares of Key Energy Services by 30.0% in the 2nd quarter. Federated Investors Inc. PA now owns 101,175 shares of the oil and gas company’s stock valued at $1,643,000 after acquiring an additional 23,359 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Key Energy Services in the 1st quarter valued at approximately $656,000. Institutional investors and hedge funds own 51.12% of the company’s stock.
Shares of KEG opened at $6.86 on Monday. The firm has a market cap of $139.24 million, a P/E ratio of -1.09 and a beta of 2.06. Key Energy Services Inc has a 12 month low of $6.70 and a 12 month high of $18.40.
A number of equities research analysts have recently weighed in on the company. ValuEngine downgraded Key Energy Services from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Zacks Investment Research downgraded Key Energy Services from a “hold” rating to a “sell” rating in a research note on Wednesday, August 29th. Finally, Piper Jaffray Companies set a $15.00 price objective on Key Energy Services and gave the stock a “buy” rating in a research note on Wednesday, October 3rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Key Energy Services presently has an average rating of “Hold” and a consensus price target of $15.33.
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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