Seeking Alpha

C&J Energy +2.3% as Global Hunter upgrades to Buy

  • C&J Energy (CJES +2.3%) is upgraded to Buy from Neutral with a $35 price target, up from $22, at Global Hunter based on the company's leverage to an acceleration in North American onshore unconventional development.
  • Global Hunter see CJES as well positioned after it decided two quarters ago to ramp its capacity ahead of a potential North American upturn; the company has recently built high-quality fleets it can package in multi-service operator arrangements and is able to add capacity rapidly in-house at a ~20% discount to market prices.
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