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Thu, Jan. 28, 9:23 AM
- Gainers: NEOS +59%. DNR +17%. BCEI +16%. UA +16%. FB +14%. INO +13%. ATHX +12%. PBR +12%. WLL +11%. MRO +10%. [[PBR-A]] +10%. TRXC +9%. CHK +9%. MLNX +9%. LINE +9%. MT +9%. SDRL +8%. HOG +8%. ETE +8%. STO +8%. CRUS 7%. KMI 7%. BBL 6%. HCA 6%. MJN 6%. CJES 6%. PYPL 6%.
- Losers: NOW -22%. OSIS -22%. EBAY -11%. INVN -10%. URI -10%. INCY -9%. JNPR -10%. OAS -7%.
Wed, Jan. 27, 12:49 PM
Wed, Jan. 20, 12:45 PM
Tue, Jan. 5, 3:57 PM
- C&J Energy Services (CJES -14.3%) and National Oilwell Varco (NOV -2.8%) are sharply lower after Keybanc downgraded the stocks to Sector Weight from Overweight, as the oil services industry emerges from a difficult year of cost-cutting and downsizing.
- "If global demand for oil and gas drilling services continues to slide, additional cost-saving actions will be taken," the firm says.
- Keybanc upgraded Halliburton (HAL -0.2%) and merger partner Baker Hughes (BHI -2.8%) to Overweight from Sector Weight, but both stocks look to finish lower.
Tue, Jan. 5, 12:40 PM
Dec. 28, 2015, 11:45 AM
- WTI crude is down 3.2% to $36.90/barrel, and Brent crude down 2.5% to $36.95/barrel, leaving prices close to 11-year lows. Energy industry firms are among the biggest decliners on a day the S&P is down 0.6%.
- Fears about excess supply appear to be weighing once more. OPEC figures point to a global oil supply glut of more than 2M barrels (over 2% of global demand); a smaller glut is expected next year. Meanwhile, Japanese government data indicates the country's oil product sales fell to a 46-year low in November, and European data suggests the continent's oil product demand growth turned negative in October.
- The biggest casualties include Whiting Petroleum (WLL -9.9%), Oasis Petroleum (OAS -8.2%), Vanguard Natural Resources (VNR -12.5%), Denbury Resources (DNR -8%), SandRidge Energy (SD -8.1%), SandRidge Permian Trust (PER -10.9%), SandRidge Mississippian Trust (SDT -7.5%), U.S. Silica (SLCA -6.2%), Marathon Oil (MRO -6.7%), C&J Energy Services (CJES -8.1%), MV Oil Trust (MVO -9.2%), Bonanza Creek (BCEI -6.4%), Parker Drilling (PKD -7.9%), and Continental Resources (CLR -5.9%).
- Other notable decliners include Kinder Morgan (KMI -5%), Williams Partners (WPZ -4.4%), EOG Resources (EOG -3.4%), Cheniere Energy (CQP -3.6%), SeaDrill (SDRL -3.5%), Encana (ECA -2.8%), Devon Energy (DVN -2.7%), Ensco (ESV -3.8%), Hercules Offshore (HERO -4.7%), Atwood Oceanics (ATW -4.9%), Helmerich & Payne (HP -3.8%), and Pioneer Natural (PXD -2.6%).
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
Dec. 21, 2015, 3:45 PM
- C&J Energy (CJES -7.3%) is initiated with a Neutral rating with a $5.50 price target at Credit Suisse, which says it is concerned about C&J’s EBITDA generation ability in 2016, its debt covenants and market overcapacity, which is expected to persist into or even through 2017.
- C&J bought the completion and production services business from Nabors Industries earlier this year, and Credit Suisse says the debt resulting from the deal is one of the reasons for concern regarding C&J’s 2016 EBITDA.
- Although some improvement is expected in activity in 2017, the firm sees little pricing improvement at least for the next six quarters, along with little improvement in the overall market conditions for at least the next six months.
- Given the company’s debt-to-cap ratio of 54% and nearly 100% exposure to the U.S. spot market, the firm calls C&J "the epitome of [oilfield services] beta leverage both operationally and financially.”
Dec. 11, 2015, 11:46 AM
- Investors should buy oil services stocks with exposure to onshore oil production on weakness going forward, Citi analyst Scott Gruber says in "a deliberately early call."
- Onshore oil businesses are set to recover because OPEC does not appear able to meet global demand after 2016, Gruber says, adding that the rally in the companies likely will be "powerful" when it arrives.
- Gruber continues to name Halliburton (HAL -1.7%) and Baker Hughes (BHI -4.7%) as his top picks, but he also believes small and mid-cap names in the sector will rally; he upgrades C&J Energy (CJES -4.8%), Nabors Industries (NBR -3.2%), Patterson-UTI (PTEN -2.2%), Superior Energy (SPN -3.8%) and Weatherford (WFT -6.2%) to Buy from Hold, and raises Helmerich & Payne (HP -2%) and National Oilwell Varco (NOV -1.4%) to Neutral from Sell.
Nov. 30, 2015, 2:23 PM
- The "lower for longer" consensus on crude oil prices is overly conservative, and prices will begin bouncing back next year, Guggenheim analysts say as they upgrade the oil services sector to Buy and see plenty of upside for the major players given current market conditions.
- Guggenheim is calling for oil prices to return to $100/bbl by 2018, and sees 10% upside across the board for oil services stocks in the next year resulting from the group's unique exposure to crude prices.
- Within the group, the firm prefers Rowan (RDC +1.8%) and Atwood Oceanics (ATW +1.6%), as their backlogs should help reduce near-term risk, RDC has no newbuild commitments and ATW is finalizing a contract in Brazil for one of its two uncontracted rigs, utilization in the Middle East (NYSE:RDC) and Australia (NYSE:ATW) should be resilient on a relative basis, and both have fleets that make them more interesting M&A candidates.
- Upgraded to Buy from Neutral: CAM, RIG, NE, OII, PACD, DO, ESV, CLB, OIS, HP, NBR, CRR, NOV, DRQ, FI, PTEN, SSE, FTI, CJES, FET, SPN.
Nov. 4, 2015, 6:22 PM
- C&J Energy (NYSE:CJES): Q3 EPS of -$0.65 misses by $0.02.
- Revenue of $427.5M (-2.8% Y/Y) misses by $3.86M.
Nov. 3, 2015, 5:35 PM
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Sep. 30, 2015, 12:43 PM
Sep. 30, 2015, 7:44 AM
- C&J Energy Services (NYSE:CJES) says it expects current quarter sales to come in below previous guidance, with the most significant decline in its hydraulic fracturing operations, citing the continued volatility and sustained weakness in commodity prices.
- CJES foresees a ~15% decline in sales compared to Q2, when it posted $511M in sales; the company earlier had expected a Q/Q decline of 5%-10%.
- CJES expects Q3 revenue from its hydraulic fracturing operations to decline by 30% Q/Q, vs. previous guidance of a 15%-25% decline.
- In light of the revised outlook, CJES says it renegotiated terms with lenders, including a reduction in its revolving credit facility commitment to $400M from $600M.
Sep. 15, 2015, 12:18 PM
- Citi analyst Scott Gruber reiterates his cautious view on the oil services sector (NYSEARCA:OIH) as it “digests the likelihood of domestic E&P spending declining 15%-20% next year, driving activity lower and maintaining pressure on rates.”
- Gruber now sees a better than 30% drop In the average cost of a U.S. shale well in 2015 and another 5%-10% drop in 2016 compared to the forecast he made in March of a 20%-25% drop in 2015 and another 2%-3% decline next year.
- The analyst sees a need for “material negative revisions” across the universe of mid- and small-cap oil services stocks he covers, including Superior Energy (NYSE:SPN), RPC (NYSE:RES), Patterson-UTI (NASDAQ:PTEN), Nabors Industries (NYSE:NBR), C&J Energy (NYSE:CJES) and Aspen Aerogels (NYSE:ASPN).
- Gruber recommends taking advantage of negative sentiment to buy “premiere franchises” Schulmberger (NYSE:SLB) and Halliburton (NYSE:HAL).
Sep. 11, 2015, 12:44 PM
Aug. 24, 2015, 3:59 PM
- U.S. Silica (SLCA -15.4%) and C&J Energy (CJES -21.1%) stagger to 52-week lows amid huge losses on the day after shares of each were downgraded to Neutral from Buy at SunTrust, citing a 31% reduction in its U.S. onshore rig count forecast (I, II).
- The firm downgraded several names in the oilfield services sector in addition to SLCA, including Seventy Seven Energy (SSE -14.8%) and RPC Inc. (RES -3.6%)
C&J Energy Services Ltd is a completion and production services company for oil & gas industry. The Company is engaged in providing well construction, well completions and well services to the oil and gas industry.
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