Key Energy Services Inc (KEG): Billionaire George Soros’ Family Office Reports 9.09% Stake

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Billionaire George Soros Soros Fund Management recently filed a Form 13G with the SEC on Key Energy Services Inc (NYSE:KEG), in which it reported acquiring a new position in the company. The fund’s stake counts 1.83 million shares, which account for 9.09% of the float.

Key Energy Services Inc (NYSE:KEG) is an oilfield services company, which has faced financial difficulties and was delisted as a common stock by the NYSE at the end of July. NYSE Regulation found that the company’s price levels were too low for it to continue trading. On October 24, Key Energy Services filed for Chapter 11 of the United States Bankruptcy Code with a prepackaged plan of reorganization. On December 15 it was announced that the company had risen from bankruptcy, settling $694 million of long-term debt, and that it would start trading again on December 16, under the same ticker it had previously. Since the company resumed trading, its shares have gone up by 22.15%.

For the third quarter of 2016, Key Energy Services disclosed revenue of $102.4 million and a diluted loss per share of $0.81, compared to revenue of $95 million and a diluted loss per share of $0.58 for the previous quarter.

George Soros

7 of the hedge funds in our database owned a stake in Key Energy Services Inc (NYSE:KEG) at the end of June, a month before the company was delisted, which included Soros Fund Management, which had a 500,000-share position at the time. Other shareholders of the stock at that time included Mark Rachesky’s MHR Fund Management, Richard Pzena’s Pzena Investment Management, and Jim Simons’ Renaissance Technologies.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
SOROS FUND MANAGEMENT 0 1,827,134 0 1,827,134 9.09%
GEORGE SOROS 1,827,134 0 1,827,134 1,827,134 9.09%
ROBERT SOROS 1,827,134 0 1,827,134 1,827,134 9.09%

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Page 1 of 12 – SEC Filing

Washington, D.C.  20549
Under the Securities Exchange Act of 1934
(Amendment No. )*
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
(CUSIP Number)
December 15, 2016
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
  [   ]
         Rule 13d-1(b)
         Rule 13d-1(c)
[   ]
         Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
Continued on following pages
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Exhibit Index: Page 9

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