Wed, Sep. 30, 12:43 PM
Wed, Sep. 30, 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.
Tue, Sep. 15, 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).
Fri, Sep. 11, 12:44 PM
Mon, Aug. 24, 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%)
Wed, Aug. 5, 4:52 PM
Tue, Aug. 4, 5:35 PM
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Fri, Jul. 10, 12:39 PM
- Superior Energy (SPN -0.1%) and Weatherford (WFT -0.1%) are upgraded to Buy from Hold and Forum Energy Tech (FET +0.9%) is raised to Hold from Underperform at Jefferies, saying the stocks now reflect lower oil prices and an implied slower recovery.
- Jefferies analyst Brad Handler says that of the three upgrades, WFT arguably is the most notable, as investors do not need to "embrace lofty earnings power to find value in the shares.”
- Despite the decline in oil price, Jefferies’ energy team "retains its recovery outlook," adding that it is optimistic that June may have brought a U.S. production peak.
- The firm keeps Buy ratings on Halliburton (HAL +0.4%) and C&J Energy (CJES +1.2%).
Wed, May 6, 5:41 PM
Tue, May 5, 5:35 PM
- ACAS, ALB, ALDW, AMTG, ANAC, AREX, ATML, ATO, ATVI, AUQ, AWK, BEAT, BGC, BNFT, BREW, BRKR, BWC, CCRN, CECO, CF, CHEF, CHGG, CJES, CKP, CLR, CLVS, CODI, CPA, CPE, CSLT, CSOD, CUZ, CXW, CZR, DMD, DPM, ECR, EFC, EGN, ENSG, EPAM, EPM, EQC, ESS, ETE, ETP, EXTR, EXXI, FLTX, FNGN, FNV, FOXA, FRSH, GBDC, GMCR, GUID, HIVE, HR, HUBS, IL, IO, IVR, JKHY, JONE, KIM, KND, KW, LCI, LGCY, LHCG, MASI, MCHX, MELI, MET, MITT, MRIN, MRO, MTDR, NEWP, NLY, NP, NSIT, NSTG, NUS, OAS, ORA, OSUR, PAYC, PDLI, PEGA, PFMT, PGTI, PHH, PMT, PNNT, PRAA, PRI, PRU, PSEC, PTLA, QLTY, QTM, REG, RIG, RIGP, RST, RYN, SBY, SD, SGM, SLH, SN, SQNM, SUN, SWM, SXL, SZYM, TCAP, THRX, TRIP, TROX, TSLA, TTPH, TUMI, TWO, VECO, VNDA, VRNS, VVC, WBMD, WFM, WGL, WTI, XNPT
Wed, Apr. 15, 5:35 PM
Fri, Mar. 27, 6:33 PM
- Realty Income (NYSE:O) is up 3.3% in after-hours trade as it's set to join the S&P 500, replacing Windstream Holdings (NASDAQ:WIN), itself down 5.1% today and -0.5% after hours.
- Windstream -- spinning off assets into a REIT -- will head to the S&P MidCap 400 to replace International Game Technology (NYSE:IGT), which is being acquired by GTECH. Meanwhile, Douglas Emmett (DEI, up 2.1% after hours) will replace Realty Income in the MidCap 400 after trading on April 6.
- In other moves, Gentherm (THRM, +1.8% late) replaces buyout target Aviv REIT (NYSE:AVIV) in the S&P SmallCap 600 after trading on April 1; and Echo Global Logistics (ECHO, +1.9% late) will replace C&J Energy Services (NYSE:CJES) in the SmallCap 600 after trading April 1, as C&J is merging with part of Nabors.
Tue, Mar. 24, 6:27 PM
- Nabors Industries (NYSE:NBR) and C&J Energy Services (NYSE:CJES) say they have completed the combination of C&J with NBR's completion and production services business, with the resulting combined company renamed C&J Energy Services under the CJES ticker.
- Nabors received $688M in cash from C&J as a portion of the consideration for the transaction and now owns ~53% of the outstanding and issued common shares of the new company, with the remainder held by former CJES shareholders.
- The deal originally was announced in June 2014.
Thu, Mar. 19, 5:58 PM
- C&J Energy (NYSE:CJES) sold $1.06B of junk loans backing its acquisition of a unit of Nabors Industries (NYSE:NBR), a day before shareholders are set to vote on the merger, Bloomberg reports.
- CJES is issuing the debt at one of the deepest discounts in the last five years on a U.S. leveraged loan, selling a $575M loan at $0.86 on the dollar and a $485M portion at $0.84, as plunging crude oil prices leave energy companies struggling to obtain funding.
- CJES withdrew a $650M loan in December that backed the buyout, only to return this month offering lenders an even larger discount.
Fri, Mar. 6, 10:19 AM
- C&J Energy (CJES -1.8%) says it is revising the debt structure to finance the proposed combination of C&J with Nabors Industries' (NBR -0.7%) completion and production services business after pulling a smaller loan deal in December.
- A $550M portion of a newly constructed $1.06 loan deal will be sold for a reported $0.88 on the dollar while a $510M piece will be sold for $0.90; C&J in December withdrew a $650M loan to fund the purchase amid plunging oil prices, which was said to have been offered to investors for $0.98 on the dollar.
- CJES says the proposed transaction remains fully financed under the revised debt structure and is expected to close by the end of March, subject to shareholder approval.
Thu, Feb. 12, 3:13 PM
- C&J Energy Services (CJES +1%) says it is planning input and labor cost cuts in preparation for a difficult year, but notes that its deal to acquire Nabors Industries' hydraulic fracturing fleets should help stem the losses from the industry downturn.
- CJES is trying to pick up work left behind by companies that have either shuttered some coiled tubing operations or are going out of business, and is working to offset lower pricing for its tools by reducing supply costs, CEO Jack Comstock said in today's earnings conference call.
- Q4 earnings tripled as CJES added 80K hydraulic horsepower in fracturing equipment during the year; revenues jumped 82% Y/Y to $483.5M, as fracking revenue doubled and wireline and coiled tubing businesses grew as well.
CJES vs. ETF Alternatives
C&J Energy Services Ltdis 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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