Steven Cohen‘s Point72 Asset Management has revealed in a new filing with the Securities and Exchange Commission that it has upped its stake in the $1.53 billion company C&J Energy Services Inc (NYSE:CJES). Point72 revealed holding around 3.61 million shares of the company, the activist stake amassing 6.5% of the company’s stock. In its latest 13F filing, Point72 disclosed ownership of some 3.0 million shares of the company as of the end of the second quarter. The filing added that the portfolio funds affiliated with Mr. Cohen and Point72 spend around $77.5 million to acquire the shares.
C&J Energy Services Inc (NYSE:CJES) is engaged in hydraulic fracturing, coiled tubing, wireline and provides other services in the oil well drilling segment. Among other hedge funds that are bullish on the company is Jose Fernandez‘s Stepstone Group, which owns some 1.29 million shares as of the end of the second quarter, Dmitry Balyasny‘s Balyasny Asset Management, with some 760,100 shares, and David Nierenberg‘s Nierenberg Investment Management, which reported holding around 622,400 shares in its latest 13F filing.
Mr. Cohen has actually boosted his stake in C&J Energy Services Inc (NYSE:CJES) twice during the current quarter. At the beginning of August, Point72 boosted its stake from around 722,300 shares it reported in its latest 13F. The position has been surged following the company’s report of its financial results for the second quarter of the year. C&J Energy Services posted a net income of $15.7 million, equal to $0.28 per share, down from $20.8 million or $0.38 per share in the first quarter. Moreover, the company’s EBITDA declined to $53 million, from $53.9 million a year ago. However, the company posted a significant increase in revenue, which grew to $367.9 million from $267 million a year ago.
C&J Energy Services trades at around 36 times earnings, which is significantly above the oil & gas equipment and services industry average of approximately 25. Moreover, the stock gained around 20% since the beginning of the year, and trails a forward P/E of approximately 14.
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