Complete Production Services, Inc. (CPX) Upgraded to Buy at Global Hunter Securities

Complete Production Services, Inc. (CPX) has been upgraded today by the securities research analysts at investment firm Global Hunter Securities which raised Complete Production Services from a “accumulate” rating to “buy.”  Global Hunter also increased their performance outlook for CPX and adjusted its price target from $38 to $45 dollars.  Global Hunter noted that that some of its business lines such as fluid handling, well drilling and coiled tubing will help drive quarterly results despite beginning late in the Eagle Ford with their pressure pumping fleet.

Shares of CPX reacted kindly to Global Hunter’s upgraded rating today and projected price target of where the firm believes share appreciation will reach.  2011 trading began on the low side comparative to the end of 2011 yet CPX has seen steady and persistent share gains throughout 2011 trading.  Today, CPX in fact did set a new 52-week high by reaching $37.15 during intraday trading.

Complete Production Services is slated to release their next earnings report on July 22nd, 2011, and the current consensus EPS estimate is expected to be 63 cents.  Their last earnings report was released on April 21st, 2011, and announced EPS of 50 cents with revenue totaling $495.2 million which was up 59.9% year to year.  CPX is currently trading above its 50 & 200-day moving averages and 2011 is an up year for the company.

Complete Production Services, Inc. focuses on providing specialized completion and production services and products that help oil and gas companies develop hydrocarbon reserves, reduce costs and enhance production.  The company has market capitalization of $2,896,547,500 and 78,925,000shares outstanding.  CPX has a 52-week high of $36.98 with the low being $15.45 dollars.

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