Key Energy Services Inc (NYSE:KEG) has been acquiring new investors one by one lately, and the newest one is in the form of Jon Bauer‘s Contrarian Capital. According to a recent 13G filing with the Securities and Exchange Commission, the fund has bought 2.38 million shares of the company, which amass 11.8% of the company’s outstanding stock.
Key Energy Services Inc (NYSE:KEG) is an oilfield services company, which has just started trading again, on December 16, after it dealt with bankruptcy issues, resolving $694 million of long-term debt. The company stopped trading at the end of July because NYSE Regulation concluded that the company’s prices are too low. Since the company continued trading, its shares have jumped by 21.89%.
In its financial report for the third quarter of 2016, Key Energy Services reported a diluted loss per share of $0.81 and revenue of $102.4 million, compared to a diluted loss per share of $0.58 and revenue of $95 million for the second quarter of 2016.
At the end of June, a month prior to the company’s delisting, seven hedge funds in our database held long positions in Key Energy Services Inc (NYSE:KEG). Those investors included George Soros‘ Soros Fund Management, Mark Rachesky’s MHR Fund Management, Richard Pzena’s Pzena Investment Management, and Jim Simons’ Renaissance Technologies.
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|
|Contrarian Capital Management||2,376,935||2,376,935||2,376,935||1.8%|
|Contrarian Capital Fund I||1,135,907||1,135,907||1,135,907||.7%|
Page 1 of 8 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Under the Securities Exchange Act of 1934
Energy Services, Inc.
(Name of Issuer)
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(Titles of Class of Securities)
(Date of Event Which Requires Filing
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