KLX Energy Services (NASDAQ:KLXE) Trading Down 2% – Here’s Why

KLX Energy Services Holdings, Inc. (NASDAQ:KLXE)’s share price dropped 2% on Monday . The stock traded as low as $1.48 and last traded at $1.49. 316,307 shares changed hands during trading, a decline of 57% from the average daily volume of 730,636 shares. The stock had previously closed at $1.52.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of KLX Energy Services in a research report on Friday, July 31st. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, KLX Energy Services presently has an average rating of “Reduce”.

KLX Energy Services Price Performance

The firm has a 50 day simple moving average of $1.79 and a 200-day simple moving average of $2.47. The stock has a market capitalization of $31.50 million, a price-to-earnings ratio of -0.47 and a beta of 0.80.

KLX Energy Services (NASDAQ:KLXE) last posted its earnings results on Monday, August 10th. The company reported ($0.64) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.18. The firm had revenue of $167.30 million during the quarter, compared to the consensus estimate of $167.50 million. On average, sell-side analysts forecast that KLX Energy Services Holdings, Inc. will post -0.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On KLX Energy Services

A number of institutional investors and hedge funds have recently bought and sold shares of KLXE. Tulsa Wealth Advisors INC bought a new position in KLX Energy Services in the fourth quarter valued at about $117,000. Engineers Gate Manager LP bought a new position in shares of KLX Energy Services in the 2nd quarter valued at about $72,000. NewEdge Advisors LLC bought a new position in shares of KLX Energy Services in the 2nd quarter valued at about $65,000. Bank of New York Mellon Corp acquired a new stake in shares of KLX Energy Services during the 2nd quarter worth approximately $60,000. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of KLX Energy Services during the 1st quarter worth approximately $42,000. Institutional investors and hedge funds own 42.69% of the company’s stock.

KLX Energy Services Company Profile

KLX Energy Services Holdings, Inc (NASDAQ: KLXE) provides oilfield services and equipment to exploration and production companies operating primarily in North American onshore oil and natural gas basins. Its customers use the company’s services during well completion, production, intervention and other stages of the well life cycle.

The company offers a range of technical and rental services, including well intervention, completion support, production services, wireline and related downhole solutions.