Simmons Energy analyst John Daniel lowered his price target on Key Energy to $3.25 and kept his Neutral rating, also lowering his FY19 growth forecast to 1% from 11% and pushing back expectations of margin recovery by a year to reflect his view of a more subdued market in 2019. Daniel further warns that if oil prices remain around $45 per barrel, his estimate cuts may prove to be "too light", adding that the most "responsible strategic step for players within the well servicing sector would be the pursuit of industry consolidation" given that there is "really no hope for consequential improvement in financial returns."