NEW YORK (TheStreet) -- Shares of Key Energy Services (KEG) are tanking, down 11.02% to $1.13 in afternoon trading Friday on heavy trading volume, as oil prices continue to decline to its lowest level since July 2009 on concerns over a global supply glut and weak demand, CNBC reports.
Brent crude was slipping, down 2.45% to $62.12 this afternoon, after hitting a low of $61.35 a barrel -- the lowest level since July 22, 2009.
As crude had declined by 33% already, it is on track for its biggest quarterly drop since the fourth quarter of 2008, CNBC noted.
About 4.62 million shares of Key Energy Service have traded hands as of 2:07 p.m., compared to its average trading volume of about 4.59 million shares a day.
Separately, TheStreet Ratings team rates KEY ENERGY SERVICES INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate KEY ENERGY SERVICES INC (KEG) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, poor profit margins and weak operating cash flow."