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UPDATE: Citi Lowers C&J Energy Services' PT

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According to a research report published this morning, Citi has lowered C&J Energy Services' (NYSE: CJES) PT from $28 to $26.

In the report, Citi mentioned, "CJES removed a source of uncertainty with its announcement that it was awarded contracts extending two of its fracturing fleets into late 2012 and mid-2013. In the context of a challenging U.S. fracturing market, the company thus secured some additional downside protection. Six of its seven existing fleets are now on term contracts, only one of which is scheduled to expire in 2012, with three others up for renewal in 2013 and another two locked up until 2014. All of its fracturing assets are positioned in the liquids-rich Eagle Ford and Permian basins."

Citi maintains its Buy rating on C&J Energy Services, which closed yesterday at $19.00.

Latest Ratings for CJES

DateFirmActionFromTo
Jul 2015CitigroupInitiates Coverage onNeutral
May 2015JP MorganInitiates Coverage onOverweight
May 2015JefferiesMaintainsBuy

View More Analyst Ratings for CJES
View the Latest Analyst Ratings

Posted-In: CitiAnalyst Color Price Target Analyst Ratings

 

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