S&P Equity Research Downgrades BJ Services (BJS) to Sell
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S&P Equity Research downgrades BJ Services (NYSE: BJS) from Hold to Sell.
S&P analyst, S. Glickman, says, "BJS posts Mar-Q EPS of $0.43 vs. $0.64, $0.11 below our estimate and $0.12 below consensus. Results were hurt by a challenging pricing environment in the U.S. and Canada, and an increase in diesel fuel costs. While we expect BJS to ameliorate its fuel cost inflation through new cost reduction efforts, we are concerned that industry-wide domestic capacity adds could impinge on near-term pricing and margins. Updating, we are cutting our FY 08 (Sep.) EPS estimate by $0.21 to $1.98, FY 09's by $0.07 to $2.41. On DCF and relative metrics, we trim our target price by $1, to $24."
BJ Services Company is a provider of pressure pumping and oilfield services for the petroleum industry. [SM]
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