Insiders Snap Up Key Energy's Stock

Since the end of April, several company insiders have bought shares of Key Energy Services (KEG), according to filings with the Securities and Exchange Commission. For example, the company's COO Newton W. Wilson III purchased 10,000 shares of stock on May 3 at an average price of $6.34 per share.

The oilfield services company, which is focused on onshore drilling, has a market capitalization of $950 million with over 3 million shares traded on average per day, so at current prices there is more than $18 million of dollar volume. The company reported weak results in the first quarter of 2013: revenue fell 12% vs. a year earlier, and with costs showing little change, Key experienced much lower operating income and a net loss on the bottom line. Cash flow from operations came in at only $20 million for the quarter (as opposed to $74 million in first quarter of 2012) and even though the company slashed its capital expenditures, it did tap more deeply into its revolver to preserve a high cash balance. We wouldn't be surprised if some of Key's troubles last quarter were due to weather conditions, though the adjusted EPS results were below analyst expectations. The stock is now down 13% year to date, and nearly 50% below year ago levels....263 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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