Key Energy -12% after cutting guidance

Key Energy Services (KEG -11.9%) opens sharply lower after issuing downside guidance for Q2, now seeing an EPS loss of ~$0.15 vs. analyst consensus estimate for flat earnings and forecasting a ~2% Q/Q drop in revenues to ~$349M vs. $380.2M consensus.

KEG is downgraded to Sector Perform from Outperform, with a $9 price target, at Howard Weil, which says it was incorrect when it assumed after Q1 earnings that KEG's exposure to the Permian and other major basins would more than offset headwinds faced in the California businesses and timing issues on potential major rig services campaigns (

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