C&J Energy downgraded to Equal Weight at Stephens As previously reported, Stephens downgraded C&J Energy to Equal Weight from Overweight following its acquisition of Nabor's (NBR) Completion & Production businesses, citing potential integration risk and its lower leverage to the Eagle Ford and Permian areas. The firm lowered its price target on C&J shares to $33 from $36.
Nabors Industries downgraded to Underperform from Outperform at CLSA CLSA downgraded Nabors Industries to Underperform from Outperform despite raising its price target to $16 from $13. CLSA's analyst believes the advancement of unconventional drilling has been one of the most disruptive technologies in the sectors' history and will derail cycle normalization near-term. The firm believes the industry will need half as many rigs to keep production flat until attrition right-sizes the industry.