There's a school of thought out there that the best companies really show their stuff when their sectors come under serious pressure. While that is true in many cases, it is also true that sometimes conditions reach a point where the distinctions in company-to-company quality become effectively moot.
I believe that is what has happened to C & J Energy Services (CJES), as severe overcapacity in U.S. pressure pumping and expiring contracts have effectively overwhelmed the quality of the company's equipment and services. History suggests better days will come again, but the Street appears to already be baking that in and investors may find better bargains in other parts of the oil patch.
Using Quality To Carve...
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