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Shares of Key Energy Services Under Pressure, Down 4.0%

Published on Mon, 03/04/2013 - 13:14
By Mallory Stone

Key Energy Services (NYSE:KEG), a company whose shares are moving quickly, is trading 4.0% lower to $8.06. The S&P is trading lower by 0.3% to 1,514 and the Dow is trading 0.3% lower to 14,044.

Key Energy Services, Inc. provides onshore, rig-based well services, including well maintenance, workover, completion and re-completion, and plugging and abandonment. The Company also provides oilfield trucking and ancillary oilfield services. In addition, Key Energy Services contracts for onshore drilling operations and produces and develops oil and natural gas reserves.

Key Energy Services share prices have moved between a 52-week high of $17.87 and a 52-week low of $5.70 and are now trading 41% above that low price at $8.06 per share. Over the past week, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has advanced 2.2%.

Potential upside of 28.5% exists for Key Energy Services, based on a current level of $8.06 and analysts' average consensus price target of $10.36. The stock should find initial support at its 50-day moving average (MA) of $7.95 and further support at its 200-day MA of $7.83.

By Mallory Stone