KLX Energy Services (NASDAQ:KLXE) Trading Down 19.9% on Disappointing Earnings

KLX Energy Services Holdings Inc (NASDAQ:KLXE)’s stock price dropped 19.9% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $4.12 and last traded at $4.23, approximately 851,647 shares were traded during mid-day trading. An increase of 333% from the average daily volume of 196,830 shares. The stock had previously closed at $5.28.

The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.28). The firm had revenue of $134.50 million for the quarter, compared to analysts’ expectations of $161.20 million. KLX Energy Services had a negative net margin of 1.13% and a positive return on equity of 10.08%. The business’s quarterly revenue was down 18.4% on a year-over-year basis.

Several research firms recently issued reports on KLXE. Zacks Investment Research lowered KLX Energy Services from a “hold” rating to a “strong sell” rating in a research note on Saturday, November 23rd. ValuEngine upgraded KLX Energy Services from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd.

In related news, Director Theodore L. Weise acquired 3,000 shares of the stock in a transaction dated Monday, September 23rd. The shares were purchased at an average price of $9.50 per share, for a total transaction of $28,500.00. Also, VP Heather Floyd acquired 12,455 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were bought at an average cost of $9.20 per share, with a total value of $114,586.00. 10.70% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Paradice Investment Management LLC raised its position in KLX Energy Services by 1.8% during the third quarter. Paradice Investment Management LLC now owns 1,819,742 shares of the company’s stock valued at $15,732,000 after purchasing an additional 32,673 shares in the last quarter. Morgan Stanley grew its holdings in shares of KLX Energy Services by 416.5% during the 2nd quarter. Morgan Stanley now owns 105,055 shares of the company’s stock valued at $2,146,000 after purchasing an additional 84,715 shares during the last quarter. Gamco Investors INC. ET AL grew its holdings in shares of KLX Energy Services by 24.6% during the 3rd quarter. Gamco Investors INC. ET AL now owns 540,355 shares of the company’s stock valued at $4,671,000 after purchasing an additional 106,775 shares during the last quarter. Nuveen Asset Management LLC purchased a new position in KLX Energy Services in the 2nd quarter worth $2,044,000. Finally, Nisa Investment Advisors LLC raised its position in KLX Energy Services by 89.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 14,004 shares of the company’s stock worth $121,000 after purchasing an additional 6,600 shares during the period. 86.34% of the stock is currently owned by institutional investors and hedge funds.

The company has a debt-to-equity ratio of 0.61, a current ratio of 3.28 and a quick ratio of 3.08. The firm has a market capitalization of $124.63 million, a P/E ratio of 1.51 and a beta of 0.61. The firm’s 50 day simple moving average is $7.56 and its two-hundred day simple moving average is $13.22.

About KLX Energy Services (NASDAQ:KLXE)

KLX Energy Services Holdings, Inc provides completion, intervention, and production services and products to the onshore oil and gas producing regions of the United States. It offers a range of technical services, and related tools and equipment to companies engaged in the exploration and development of North American onshore conventional and unconventional oil and natural gas reserves.

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