UPDATE: Dahlman Rose Raises PT to $10 on Key Energy Services on Activity and Demand Trends

Dahlman Rose maintained Key Energy Services, Inc. KEG with a Hold and raised the price target from $8.00 to $10.00. Dahlman Rose said, "Cautious spending by operators in recent months has tempered demand for services throughout the US land market. With WTI oil prices closing in on $100 per barrel, we expect activity and demand to moderately improve in the last nine months of 2013. The first quarter of 2013 should mark the bottom for US rig count and service activity domestically. … We are raising our fair value estimate to $10 per share (from $8) for Key Energy Services' stock. Our new fair value estimate is based on 12.5x our 2014 estimated earnings per share (previously valued at 14.5x our 2013 estimate). We continue to rate the stock a Hold." Key Energy Services closed at $9.38 on Friday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorPrice TargetAnalyst RatingsDahlman Rose
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!