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Citigroup Reiterates Buy Rating, $24 PT on C&J Energy Services

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In a report published Friday, Citigroup reiterated its Buy rating and $24.00 price target on C&J Energy Services (NYSE: CJES).

Citigroup noted, “We believe that the current downturn in the hydraulic fracturing services market is fully discounted in the share price of CJES. The company's strategy in the current downturn is to keep its fracturing fleets operating at rates that are competitive but also higher that the cash breakeven levels that some companies are offering. So far the strategy is working well, as evidenced by the strong financial results in 3Q12. We maintain our Buy rating on CJES and we affirm our $24 price target.”

C&J Energy Services closed on Thursday at $20.69.

Latest Ratings for CJES

DateFirmActionFromTo
Nov 2014SunTrust Robinson HumphreyInitiates Coverage onNeutral
Oct 2014Wells FargoDowngradesOutperformMarket Perform
Oct 2014ISI GroupInitiates Coverage onBuy

View More Analyst Ratings for CJES
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Reiteration Analyst Ratings

 

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