Seventy Seven Energy (SSE) Stock Receives Rating Upgrade at Jefferies

NEW YORK (TheStreet) -- Seventy Seven Energy (SSE) was upgraded to "buy" from "hold" at Jefferies on Monday morning.

The firm said it upped its rating on the diversified oilfields services company based on its recent meeting with the company's CFO Cary Baetz and investors.

"Our meetings with SSE CFO Cary Baetz and investors reinforced our comfort that SSE is nearing a low point in activity, even with a softer CHK demand outlook. This view, along with better than previously understood cash flow generation and continued favorable bias regarding long term value given SSE's rig fleet capability and frac franchise, prompts our upgrade," Jefferies said in an analyst note.

Shares of Seventy Seven Energy are higher by 5.24% to $5.82 at the start of trading this morning.

 

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