Market Overview

UPDATE: Goldman Sachs Initiates C&J Energy Services at Buy on Utilization Stabilization

Share:
Related CJES
Energy Limited Partnerships Soar, Pointe Capital Believes Recent MLP Weakness Buying Opportunity
Benzinga's Top Initiations

Goldman Sachs initiated coverage on C&J Energy Services (NYSE: CJES) with a Buy rating and a $26 price target.

Goldman Sachs commented, "We initiate coverage of CJES with a Buy rating in the context of our attractive view on Oilfield Services, and see 29% upside to our $26 target, 12 month price versus 22% average upside for our coverage. We believe CJES' transition of its hydraulic fracturing fleet from take-or-pay contracts to the spot market will occur more smoothly than most expect. While our model assumes the company will be impacted by the lower pricing environment, we see utilization holding steady on account of its operational reputation and good timing related to our higher-level call that NAM land will positively inflect in early-2013."

C&J Energy Services closed at $20.36 on Monday.

Latest Ratings for CJES

DateFirmActionFromTo
Jan 2016Stephens & Co.UpgradesUnderperformEqual-weight
Jan 2016Simmons & Co.DowngradesOverweightNeutral
Jan 2016KeyBancDowngradesOverweightSector Weight

View More Analyst Ratings for CJES
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

Related Articles (CJES)

View Comments and Join the Discussion!

Get Benzinga's Newsletters