KLX Energy Services (NASDAQ:KLXE) Announces Quarterly Earnings Results, Beats Expectations By $0.04 EPS

KLX Energy Services (NASDAQ:KLXE) posted its quarterly earnings results on Wednesday. The company reported ($0.76) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.80) by $0.04, Zacks reports. The business had revenue of $156.80 million during the quarter, compared to analyst estimates of $157.70 million.

KLX Energy Services Trading Down 12.3%

Shares of NASDAQ:KLXE traded down $0.36 during midday trading on Thursday, reaching $2.59. The company had a trading volume of 116,989 shares, compared to its average volume of 244,404. The stock has a market cap of $46.17 million, a P/E ratio of -0.60 and a beta of 0.40. The company’s 50 day moving average price is $2.44 and its 200 day moving average price is $2.02. KLX Energy Services has a 52-week low of $1.46 and a 52-week high of $4.84.

Insiders Place Their Bets

In other news, insider Max Bouthillette bought 16,500 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was acquired at an average cost of $1.67 per share, with a total value of $27,555.00. Following the completion of the transaction, the insider directly owned 142,865 shares of the company’s stock, valued at $238,584.55. This represents a 13.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.27% of the company’s stock.

Hedge Funds Weigh In On KLX Energy Services

Several hedge funds have recently made changes to their positions in KLXE. Jain Global LLC purchased a new stake in KLX Energy Services during the 4th quarter worth about $29,000. Boothbay Fund Management LLC bought a new stake in shares of KLX Energy Services during the second quarter valued at about $30,000. Virtu Financial LLC purchased a new stake in shares of KLX Energy Services in the third quarter worth about $36,000. Raymond James Financial Inc. lifted its holdings in shares of KLX Energy Services by 532.0% in the third quarter. Raymond James Financial Inc. now owns 22,115 shares of the company’s stock worth $42,000 after buying an additional 18,616 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of KLX Energy Services by 88.5% in the fourth quarter. Jane Street Group LLC now owns 30,605 shares of the company’s stock valued at $58,000 after acquiring an additional 14,373 shares during the period. 42.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on KLXE shares. Zacks Research raised shares of KLX Energy Services from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Wall Street Zen upgraded KLX Energy Services to a “hold” rating in a report on Saturday, December 13th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of KLX Energy Services in a research report on Thursday, January 22nd. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce”.

About KLX Energy Services

KLX Energy Services is a provider of completion tools and pumping equipment for the upstream oil and gas sector, offering high-pressure pumping systems, pressure control equipment, solids control services and downhole rental tools. The company supports well completion and stimulation operations by supplying, installing and maintaining critical equipment used in hydraulic fracturing, coiled tubing interventions and associated wellsite activities.

The firm’s product portfolio includes deck-mounted and portable fracturing pumps, high-pressure manifolds, flowback and well testing units, filtration and separation systems, and wellsite automation solutions.