Keane Group (NYSE:FRAC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Keane Group, Inc. is a provider of integrated well completion services primarily in the U.S. It focuses on complex, technically demanding completion solutions. The company primary service offerings include horizontal and vertical fracturing, wireline perforation and logging and engineered solutions as well as other value-added service offerings. Keane Group, Inc. is headquartered in Houston, Texas. “
Other analysts also recently issued research reports about the company. Jefferies Group cut their target price on Keane Group from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, November 3rd. Stephens assumed coverage on Keane Group in a research note on Tuesday, January 9th. They set an “overweight” rating and a $24.00 target price on the stock. ValuEngine downgraded Keane Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 3rd. Cowen began coverage on Keane Group in a research note on Wednesday, February 7th. They set an “outperform” rating and a $18.00 target price on the stock. Finally, Citigroup raised Keane Group from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $20.00 to $18.00 in a research note on Tuesday, February 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $19.82.
In other news, major shareholder Keane Investor Holdings Llc sold 13,321,753 shares of the business’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $18.25, for a total value of $243,121,992.25. Following the sale, the insider now owns 58,917,686 shares of the company’s stock, valued at approximately $1,075,247,769.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Several hedge funds and other institutional investors have recently modified their holdings of FRAC. Point72 Asset Management L.P. grew its holdings in shares of Keane Group by 43.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,621,725 shares of the company’s stock worth $43,730,000 after acquiring an additional 794,625 shares during the last quarter. Ninepoint Partners LP acquired a new position in shares of Keane Group in the 3rd quarter worth $12,927,000. State Street Corp grew its holdings in shares of Keane Group by 153.4% in the 2nd quarter. State Street Corp now owns 1,111,267 shares of the company’s stock worth $17,782,000 after acquiring an additional 672,659 shares during the last quarter. Encompass Capital Advisors LLC acquired a new position in shares of Keane Group in the 4th quarter worth $11,197,000. Finally, Emerald Advisers Inc. PA grew its holdings in shares of Keane Group by 3,594.1% in the 4th quarter. Emerald Advisers Inc. PA now owns 553,346 shares of the company’s stock worth $10,519,000 after acquiring an additional 538,367 shares during the last quarter. Institutional investors and hedge funds own 37.87% of the company’s stock.
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Keane Group Company Profile
Keane Group, Inc is provider of integrated well completion services in the United States, with a focus on demanding completion solutions. The Company’s segments include Completion Services, which comprises hydraulic fracturing and wireline divisions, and Other Services, which consists of coiled tubing, cementing and drilling divisions.
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