Complete Production Services, Inc. (CPX) just jumped into a new all-time high after reporting awesome Q2 results that came in well ahead of expectations. With estimates on the rise and a bullish growth projection, this Zacks #1 rank stock has some serious momentum.
Company Description
Complete Production Services, Inc. operates as an oil-field services provider primarily in North America. The company was founded in 2001 and has a market cap of $3.16 billion.
CPX has been trending higher for most of the last year, but shares just got an extra boost after the company reported excellent Q2 results that came in well ahead of expectations.
Second-Quarter Results
Revenue for the period was up 11% from last year to $552 million. Earnings also looked great, coming in at 69 cents, 8% ahead of the Zacks Consensus Estimate.
The company noted that it continues to benefit from the bullish trend in North American on-shore exploration and production activities being driven by $100 crude. CPX also said it sees that cycle continuing into 2012.
Financial Profile
CPX’s total debt load of $650 million held steady from last year, but its cash position saw a big gain, climbing $44 million to $171 million.
Estimates
Although we haven’t seen many estimates revisions hit the wire, the current year is up 3 cents in the last month to $2.73, while the next-year estimate gained 14 cents to $3.45, a bullish 26% growth projection.
Valuation
But in spite of the gains, the valuation picture still looks solid, with a PEG ratio of .54 far below the benchmark for value of 1.
12-Month Chart
On the chart, CPX surged into a new all-time high on the good quarter. Look for support from the trend line on any weakness. Take a look below.
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