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FRAC

Keane Group

$15.00

-0.27 (-1.77%)

06:38
02/27/18
02/27
06:38
02/27/18
06:38

Keane Group sees Q1 revenue $530M, consensus $524.22M

The company expects normalized revenue to increase driven by price increases from contract re-openers on a portion of its portfolio. Normalized annualized Adjusted Gross Profit per fleet is expected to be approximately $18M for the Q1. Normalized expectations exclude transitional factors, including inclement weather experienced early in the first quarter, combined with ongoing frac sand supply challenges. These factors are expected to impact Q1 results by up to approximately $30M of revenue and between $500,000-$2.0M of annualized Adjusted Gross Profit per fleet. Keane expects to remain at full utilization of 26 hydraulic fracturing fleets. "The industry continues to face strain in frac sand supply, driven by weather-induced rail congestion, combined with mine issues due to rail-related output constraints, flooding impacts, delays on local mine start-ups and continued growth in demand," said the company. "We are proactively managing these transitory issues facing the entire industry to limit the impact to our customers and business." Keane recently entered into a dedicated agreement with an existing customer for one of the newbuild fleets on order, and expects to deploy the fleet upon delivery by the end of the Q2. Keane remains on schedule for the remaining two of its previously ordered newbuild fleets, with one to be delivered and deployed by the end of the Q2, and a second by the end of the Q3. The company remains in advanced discussions with multiple existing and new customers for the remaining two fleets, and expect to execute dedicated agreements by the end of the Q1. Keane continues to expect all three newbuilds to initially generate annualized Adjusted Gross Profit per fleet of greater than $20M. Within the Other Services segment, Keane expects to ramp activity in its cementing business throughout the year, and by the end of 2018, expect to generate run-rate revenue of between $70M-$90M on margins of between 20%-25%.

  • 27

    Feb

FRAC Keane Group
$15.00

-0.27 (-1.77%)

01/10/18
01/10/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Helmerich & Payme (HP), Nabors (NBR), RPC, Inc (RES), Basic Energy (BAS) and Superior Energy (SUP) initiated with an Equal Weight at Stephens. The firm also initiated ProPetro (PUMP), Keane (FRAC) and Patterson-UTI (PTEN) with an Overweight. 2. Molson Coors (TAP) and Constellation Brands (STZ) initiated with an Overweight at Barclays, while Brown-Forman (BFA, BFB, BF.A, BF.B) was initiated with an Equal Weight. 3. Cisco (CSCO) assumed with an Overweight at Piper Jaffray, while F5 Networks (FFIV) and Juniper (JNPR) were assumed with a Neutral. 4. CorSite Realty (COR) initiated with an overweight at MUFG. 5. Epizyme (EPZM) initiated with an Overweight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/07/18
COWN
02/07/18
INITIATION
Target $18
COWN
Outperform
Keane Group initiated with an Outperform at Cowen
Cowen analyst Vaibhav Vaishnav initiated Keane Group with an Outperform rating, though he is cautious on frac services stocks. However, he sees Keane as attractive relative to the group given its EBITDA upside potential and valuation. Vaishnav has a $18 price target on Keane Group shares.
02/07/18
SCOT
02/07/18
UPGRADE
SCOT
Outperform
Keane Group upgraded to Outperform from Sector Perform at Scotiabank
02/13/18
SBSH
02/13/18
UPGRADE
Target $18
SBSH
Buy
Keane Group upgraded to Buy from Neutral at Citi
Citi analyst Scott Gruber upgraded Keane Group to Buy while lowering his price target for the shares to $18 from $20. The analyst views the risk/reward as "compelling" at current share levels and expects the stock to rally back into the high teens.

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HWC

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TXN

Texas Instruments

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