Canaccord Genuity Assumes Coverage on Key Energy Services (KEG) at Buy; At Workover Rig Inflection

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Canaccord Genuity assumes coverage on Key Energy Services (NYSE: KEG) with a Buy. PT $23.

Canaccord analyst, Scott Burk, said, "Key has suffered recently from a lack of pressure pumping, but we believe it is at an earnings inflection point...We believe improving pricing for workover rigs and tight fundamentals in coiled tubing should drive a dramatic improvement in EPS starting in Q2/11. After Q2/11E EPS of $0.21, we expect EPS to exceed $0.30 per quarter during 2012, with further upside in 2013."

For more ratings news on Key Energy Services click here and for the rating history of Key Energy Services click here.

Shares of Key Energy Services closed at $18.88 yesterday, with a 52 week range of $7.86-$19.70.

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