| C&J Energy (CJES) Completes Merger Deal with Nabors - Analyst Blog | |
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Oilfield services provider C&J Energy Services, Inc. CJES announced that it has merged with the completion and production services businesses of the land drilling contractor, Nabors Industries Ltd. NBR. The deal was announced on Jun 25, 2014. (Read: Nabors Unit and C&J Energy to Form New Company, Shares Rise)
C&J Energy has paid $688 million in cash to Nabors as part of the deal. Also, Nabors received about 62.5 million common shares of the combined entity and now holds the majority of stakes in the new company – about 53%. The new entity has been incorporated in Bermuda and trades in NYSE as C&J Energy Services Ltd. under the ticker symbol “CJES”.
Nabors stated that it would not sell any of the new shares received as part of the transaction for a period of 180 days.
The merger has increased C&J Energy’s fleet considerably, making it one of North America’s largest completion and production services providers. The increase in asset base and geographic presence will provide more opportunities for the company making meaningful growth possible.
Management at Nabors expects this move to be value additive for shareholders of both the companies. The increase in high-quality assets and widened scale of operations should improve the company’s prospects.
C&J Energy has financed the transaction through its previously announced debt structure. (Read: C&J Energy Revises Debt Structure for Nabors Deal)
Currently, C&J Energy carries a Zacks Rank #3 (Hold), while Nabors holds a Zacks Rank #4 (Sell).
Better-ranked players from the energy sector include Ferrellgas Partners LP FGP and Western Refining, Inc. WNR. Both the stocks sport a Zacks Rank #1 (Strong Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FERRELLGAS -LP (FGP): Free Stock Analysis Report WESTERN REFING (WNR): Free Stock Analysis Report NABORS IND (NBR): Free Stock Analysis Report C&J ENERGY SVCS (CJES): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Ferrellgas
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CODE : FGP |
ISIN : US3152931008 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Ferrellgas is a producing company based in United states of america. Ferrellgas is listed in United States of America. Its market capitalisation is US$ 31.1 millions as of today (€ 28.0 millions). Its stock quote reached its highest recent level on January 09, 2009 at US$ 9.98, and its lowest recent point on January 10, 2020 at US$ 0.20. Ferrellgas has 97 152 665 shares outstanding. |