Citi Downgrades Keane Group (FRAC) to Neutral

Citi downgraded Keane Group (NYSE: FRAC) from Buy to Neutral with a price target of $14.00 (from $19.00).

Analyst Scott Gruber says the stock is trading above NAV by nearly 30% and believes that pumpers will be unable to push frac rates higher with crude oil trading sub $50. The analyst sees more favorable valuation in peer Patterson-UTI Energy (NASDAQ: PTEN).

For an analyst ratings summary and ratings history on Keane Group click here. For more ratings news on Keane Group click here.

Shares of Keane Group closed at $13.18 yesterday.

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