Key Energy shares fall as crude, natural gas drop

The stock fell $1.16, or 9.6 percent, to $10.95 in afternoon trading. The stock has ranged from $10.50 to $20.99 over the past year.

Meanwhile, on the New York Mercantile Exchange light, sweet crude for November delivery fell $9.89, or 9.3 percent, to $97, and natural gas for November delivery shed 45.2 cents, or 5.9 percent, to $7.176 per 1,000 cubic feet.

The Philadelphia Oil Service Index, which tracks oil service industry stocks, at one point fell to a nearly 52-week low of 247.68, down 5.6 percent for the session.

Yet Mark Brown, an analyst at Pritchard Capital Partners, noted Houston-based Key's stock may be helped by recent positive news and because of its low share price.

"Value stocks don't fall as much as growth stocks," he said in a phone interview.

Recent consolidation in the sector, as well as a Key unit's recent $68 million contract with Pemex for field production and other work are positives, Brown said.