Goldman Sachs Downgrades C&J Energy Services (CJES) to Neutral

Goldman Sachs downgraded C&J Energy Services (NYSE: CJES) from Buy to Neutral with a price target of $22.00 (from $28.00).

Analyst Michael Cerasoli said, "Key to our Buy rating was that CJES’ value-added processes would better shield it during a period of E&P spending pullbacks. We were wrong, as E&Ps increased focus on cost controls is resulting in more commodity type pressure pumping jobs than those suited to CJES’ competitive strengths, resulting in lower than forecast equipment utilization."

For an analyst ratings summary and ratings history on C&J Energy Services click here. For more ratings news on C&J Energy Services click here.

Shares of C&J Energy Services closed at $18.08 yesterday.

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