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HOUSTON—Lehner Keefer McGovern, Executive Vice President and Chief Financial Officer of KLX Energy Services Holdings, Inc. (NASDAQ:KLXE), recently sold 3,000 shares of the company’s common stock. The shares were sold at a weighted average price of $5.87, with prices ranging from $5.80 to $6.02, resulting in a total transaction value of $17,610. The transaction comes as KLXE, currently valued at $100 million, has experienced significant price volatility, with the stock down over 15% in the past week. According to InvestingPro analysis, the stock shows a Fair Value deviation that warrants attention.
Following this sale, McGovern holds 84,488 shares of KLX Energy. The transaction was executed under a Rule 10b5-1 trading plan, which McGovern adopted on September 26, 2024, for tax and estate planning purposes. With the stock trading between its 52-week range of $4.18 to $10.30, InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report, offering deeper analysis of KLXE’s financial health and market position.
In other recent news, KLX Energy Services reported a strong third-quarter performance, with $189 million in revenue and $28 million in adjusted EBITDA, surpassing their previous predictions. This is despite a challenging market environment and declines in U.S. land rigs and active track spreads. KLX also highlighted its strategic positioning and optimistic outlook for the upcoming years, focusing on operational efficiency and growth in LNG exports and natural gas demand.
In terms of geographical revenue distribution, the Southwest and Rockies each contributed 36%, while the Northeast Mid-con contributed 28%. Despite a projected Q4 revenue decline of 10% to 14% due to seasonal factors, KLX management remains optimistic for 2025, with anticipated revenue growth of 5% to 10% due to increased demands.
KLX has successfully realigned its customer base and upgraded its asset fleet over the past 24 months, positioning itself as a preferred service provider for a major client. However, KLX is also facing seven consecutive quarters of declines in market share, and high-quality M&A deals have been falling through due to bid-ask spread issues. These are recent developments that investors should be aware of.
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