UPDATE: Citi Lowers C&J Energy Services' PT

According to a research report published this morning, Citi has lowered C&J Energy Services'

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.