KLX Energy Services Holdings, Inc. (NASDAQ:KLXE) Sees Significant Drop in Short Interest

KLX Energy Services Holdings, Inc. (NASDAQ:KLXE) saw a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 1,420,000 shares, a drop of 7.8% from the September 30th total of 1,540,000 shares. Based on an average trading volume of 132,000 shares, the days-to-cover ratio is currently 10.8 days.

KLX Energy Services Price Performance

NASDAQ KLXE traded down $0.09 during trading hours on Thursday, hitting $4.42. The company had a trading volume of 37,284 shares, compared to its average volume of 171,699. The firm has a 50 day simple moving average of $5.71 and a 200 day simple moving average of $5.75. KLX Energy Services has a 52 week low of $4.18 and a 52 week high of $12.13. The firm has a market capitalization of $74.55 million, a price-to-earnings ratio of -5.65 and a beta of 1.97. The company has a debt-to-equity ratio of 32.22, a quick ratio of 1.44 and a current ratio of 1.66.

KLX Energy Services (NASDAQ:KLXE) last posted its earnings results on Wednesday, August 7th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.32. KLX Energy Services had a negative net margin of 4.13% and a negative return on equity of 94.97%. The business had revenue of $180.20 million for the quarter, compared to analyst estimates of $179.80 million. Equities research analysts expect that KLX Energy Services will post -2.85 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of KLXE. Allspring Global Investments Holdings LLC lifted its position in KLX Energy Services by 89,460.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 8,956 shares of the company’s stock valued at $44,000 after purchasing an additional 8,946 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in KLX Energy Services during the third quarter worth about $58,000. Paloma Partners Management Co purchased a new position in shares of KLX Energy Services in the 1st quarter worth about $91,000. Virtu Financial LLC bought a new position in KLX Energy Services during the first quarter valued at approximately $122,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in KLX Energy Services in the 2nd quarter worth $84,000. Hedge funds and other institutional investors own 42.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Singular Research upgraded shares of KLX Energy Services to a “strong-buy” rating in a research note on Monday, August 12th. Piper Sandler reduced their price objective on shares of KLX Energy Services from $6.50 to $4.50 and set a “neutral” rating for the company in a research note on Monday, July 15th.

About KLX Energy Services

KLX Energy Services Holdings, Inc provides drilling, completions, production, and well intervention services and products to the onshore oil and gas producing regions of the United States. The company operates through three segments: Southwest, Rocky Mountains, and Northeast/Mid-Con. It provides directional drilling services; downhole navigational and rental tools businesses and support services, including well planning, site supervision, accommodation rentals, and other drilling rentals; and various technologies, including gamma ray, azimuthal gamma ray, real-time continuous inclination and azimuth, rotary steerable, pressure-while-drilling, mode shifting, stick-slip and destructive dynamics, dynamic sequencing and real-time shock, and vibration modules.