UPDATE: Key Energy Plunges 12%; Lowers Q3 2012 Guidance, Sells Argentine Operations

By MidnightTrader.com Staff,

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Key Energy Services, Inc. ( KEG ) is down 11.9% to around $7.20, trading at the low end of the stock's 52-week range, after it said it expects Q3 2012 consolidated results to fall short of expectations.

Compared to the previous quarter, consolidated revenue is expected to decline 4% to 5%, and operating income margins are expected to decline 250 to 350 basis points. The company has also sold its Argentina operations effective September 14, 2012 and expects to record a non-cash, pre-tax charge against discontinued operations of approximately $45 million in the third quarter.

KEG trades in a 52-week range of $6.52 - $18.18; shares have fallen 22% in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: KEG

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