Point72 fund manager Steven Cohen (Trades, Portfolio) disclosed on Monday that he increased his C&J Energy Services (CJ, Financial) holding by 170%.
According to GuruFocus real-time picks, Cohen invested in 2,205,212 shares for $23.36 per share, expanding the position to 3,501,802 shares. The manager increased his portfolio 0.21% with the transaction.
Company background
C&J Energy Services provides a wide variety of services to the oil and gas industry, including hydraulic fracturing, wireline logging, pressure pumping and pressure testing.
The Houston-based company listed three reportable segments in its March quarterly report: Completion Services, Well Construction and Intervention Services and Well Support Services. Completion Services revenues, which increased 9% from fourth-quarter 2017, represent approximately 67.7% of total revenues for the first quarter.
GuruFocus ranks the company’s financial strength 9 out of 10, driven by a strong Altman Z-score of 5.08 and good interest coverage of 6.01. Even though the company’s revenue and gross margins have declined over the past three years, C&J still has five positive investing signs, including a price-book ratio near a two-year low, a price-sales ratio near a two-year low and a strong Piotroski F-score of 7.
See also
Cohen dedicated 10.9% of his portfolio to the energy sector. The manager made several real-time trades in June, including a new position in Catalyst Biosciences Inc. (CBIO, Financial) and position boosts in PagSeguro Digital Ltd. (PAGS, Financial) and ACADIA Pharmaceuticals Inc. (ACAD, Financial).
Disclosure: No positions.
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