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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Key Energy Services (NASDAQOTH: KEGX ) fell 15% today after the company reported earnings.
So what: First quarter revenue fell 12% from a year earlier, to $428.4 million, falling short of the $443.8 million estimate from Wall Street. Earnings per share were just $0.01, which was $0.02 worse than estimates, driven by a falling inland rig count.
Now what: This is a theme we've seen over and over again during the past two quarters. Service providers are suffering from weak demand despite record production, because drillers are becoming more efficient in their activities. Management does think activity will pick up as the year goes on, but I can't be a buyer, with revenue falling as fast as it did in the first quarter.
Interested in more info on Key Energy Services? Add it to your watchlist by clicking here.