Opinions
Eric Nuttall
C & J Energy Services
CJ-N
PAST TOP PICK
Sep 14, 2018
$21.220
Stock price when the opinion was issued
Energy Infrastructure, Industrials & Utilities
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TOP PICK
A US pressure pumper with ancillary services trading at about 4.5X next year’s EBITDA. The frac market in the US is tight, and will remain tight throughout all of next year. These companies will be able to push through more price increases. A good way to gain exposure to US pressure pumpers. (Analysts’ price target is $39.)
Energy Infrastructure, Industrials & Utilities
PAST TOP PICK
(A Top Pick Nov 15/17, Down 36%) He sold this around $27. This is a 50/50 pressure pumper and ancillary services in the US. With the drop in oil price, the outlook of spending in the US next year is not terrific. Service names have been smashed. Given the uncertainty in the outlook, it will take time to regain lost multiple on the name.
Energy Infrastructure, Industrials & Utilities
(A Top Pick November 15/17 Down 28%) The multiple contraction in the US pressure pumpers could continue to get worse. You have to be patient holding this right now.