NEW YORK (TheStreet) -- Shares of Key Energy Services Inc. (KEG) are higher by 2.50% to $1.64 on heavy volume in mid-afternoon trading on Friday, as oil and energy stocks get a boost today from the rise in oil prices.
Crude oil for January delivery is higher by 4.51% to $56.56 in afternoon trading on the NYMEX.
So far today, 6.13 million shares of Key Energy Services have exchanged hands, as compared to its average daily volume of 4.25 million shares.
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Since the summer oil prices have fallen almost 50% due to a global oversupply. OPEC recently announced it has no plans to cut its production rate despite the supply gut and a softening of demand.
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."