Barclays Maintains an 'Equalweight' on Key Energy Services (KEG); Hitting Its Stride

Barclays maintains an 'Equalweight' on Key Energy Services (NYSE: KEG), PT increased from $13 to $20.

Barclays analyst says, "We expect continued momentum in the North American market, and Key's business in particular will experience strong growth from higher activity, better pricing, and increased capital investments. We believe the continued investment in coiled tubing is a positive long-term strategy for the company. Key also remains poised for significant international expansion-profitability has returned for the international segment, as activity has improved in Mexico, Argentina, Colombia, and Bahrain, and we expect further expansion in all of these markets and a rebound in Russia."

"We are raising our 2011 and 2012 EPS estimates to $0.90 (from $0.55) and $1.80 (from $0.85) to reflect an improved outlook for the U.S land market, higher margins across the board and a further recovery in Key's current international markets coupled with expansion into new international regions."

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 $16.27 yesterday.

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