New York State Common Retirement Fund Raises Stake in Keane Group Inc (FRAC)
New York State Common Retirement Fund grew its holdings in Keane Group Inc (NASDAQ:FRAC) by 19.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 418,763 shares of the company’s stock after purchasing an additional 68,232 shares during the period. New York State Common Retirement Fund owned about 0.41% of Keane Group worth $6,700,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. American Century Companies Inc. increased its holdings in shares of Keane Group by 58.0% in the 2nd quarter. American Century Companies Inc. now owns 540,885 shares of the company’s stock valued at $8,654,000 after purchasing an additional 198,626 shares during the period. Morgan Stanley acquired a new position in shares of Keane Group in the 1st quarter valued at about $1,651,000. JPMorgan Chase & Co. acquired a new position in shares of Keane Group in the 1st quarter valued at about $1,543,000. Eagle Boston Investment Management Inc. acquired a new position in shares of Keane Group in the 2nd quarter valued at about $6,223,000. Finally, Point72 Europe London LLP acquired a new position in shares of Keane Group in the 1st quarter valued at about $5,539,000.
Keane Group (NASDAQ:FRAC) last announced its earnings results on Monday, July 31st. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.06. Keane Group had a negative return on equity of 14.38% and a negative net margin of 3.68%. The business had revenue of $323.10 million for the quarter, compared to analyst estimates of $316.71 million. The company’s quarterly revenue was up 34.5% on a year-over-year basis.
A number of brokerages have recently weighed in on FRAC. Piper Jaffray Companies reiterated a “buy” rating and issued a $16.15 target price (down previously from $17.00) on shares of Keane Group in a report on Wednesday, July 12th. Scotiabank set a $21.00 target price on Keane Group and gave the company a “hold” rating in a report on Tuesday, August 1st. BidaskClub upgraded Keane Group from a “sell” rating to a “hold” rating in a report on Saturday, September 16th. J P Morgan Chase & Co upped their target price on Keane Group from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, September 12th. Finally, Jefferies Group LLC began coverage on Keane Group in a report on Thursday, October 5th. They issued a “buy” rating and a $20.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Keane Group has an average rating of “Buy” and an average price target of $20.74.
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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