Global Hunter Securities Maintains a 'Buy' on Key Energy Services (KEG); Cutting Numbers, But Fundamentals Remain Intact
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Price: $0.27 --0%
Rating Summary:
9 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
9 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Global Hunter Securities maintains a 'Buy' on Key Energy Services (NYSE: KEG) price target lowered from $21 to $16.
Analyst, Brian Uhlmer, said, "An otherwise in-line quarter was turned upside down by decreased utilization in coiled tubing on poached crews that shellacked US margins. The underlying fundamentals across all of KEG’s business lines remain intact, and improved staffing procedures already in place should allow KEG to recoup its margin decreases by Q3, thus allowing it to come in roughly in line with the low end of its guidance of 45% YoY EPS growth."
"We are revising our 2012 and 2013 estimates to $1.37 and $1.90, from $1.54 and $2.00, respectively. Our 2012 numbers decrease 20c due to operational disruptions in its coiled tubing business that impact revenues and US margins and a slower ramp-up in Mexico."
For an analyst ratings summary and ratings history on Key Energy Services click here. For more ratings news on Key Energy Services click here.
Shares of Key Energy Services closed at $12.58 yesterday.
Analyst, Brian Uhlmer, said, "An otherwise in-line quarter was turned upside down by decreased utilization in coiled tubing on poached crews that shellacked US margins. The underlying fundamentals across all of KEG’s business lines remain intact, and improved staffing procedures already in place should allow KEG to recoup its margin decreases by Q3, thus allowing it to come in roughly in line with the low end of its guidance of 45% YoY EPS growth."
"We are revising our 2012 and 2013 estimates to $1.37 and $1.90, from $1.54 and $2.00, respectively. Our 2012 numbers decrease 20c due to operational disruptions in its coiled tubing business that impact revenues and US margins and a slower ramp-up in Mexico."
For an analyst ratings summary and ratings history on Key Energy Services click here. For more ratings news on Key Energy Services click here.
Shares of Key Energy Services closed at $12.58 yesterday.
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