Petrofac (POFCY) Rating Increased to Buy at Zacks Investment Research

Petrofac (OTCMKTS:POFCY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The brokerage currently has a $4.00 price objective on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 8.84% from the stock’s current price.

According to Zacks, “Petrofac Limited is an oilfield service company serving the oil and gas production and processing industry. It operates in four segments: Onshore Engineering & Construction, Offshore Projects & Operations, Engineering & Consulting Services and Integrated Energy Services. The company has operations primarily in the United Arab Emirates, the United Kingdom, Turkmenistan, Malaysia, Algeria, Kuwait, Qatar and other countries. Petrofac Limited is based in St Helier, the Channel Islands. “

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POFCY has been the subject of several other research reports. Morgan Stanley lowered shares of Petrofac from an “equal weight” rating to an “underweight” rating in a research note on Friday, February 23rd. ValuEngine lowered shares of Petrofac from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd.

POFCY stock opened at $3.68 on Friday. Petrofac has a 1-year low of $2.20 and a 1-year high of $5.57. The firm has a market cap of $2,542.46, a price-to-earnings ratio of 7.21 and a beta of 1.11.

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About Petrofac

Petrofac Limited, an oilfield service company, provides facilities solutions to the oil and gas production and processing industry worldwide. It operates through three segments: Engineering & Construction, Engineering & Production Services, and Integrated Energy Services. The Engineering & Construction segment provides engineering, procurement, and construction project execution services to the onshore oil and gas industry.

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