Petrofac Ltd (NASDAQ:POFCY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Saturday.

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. “

Shares of Petrofac (NASDAQ:POFCY) opened at 2.63 on Friday. Petrofac has a 1-year low of $2.20 and a 1-year high of $5.93. The company has a market capitalization of $1.79 billion and a price-to-earnings ratio of 1753.33. The stock’s 50 day moving average price is $3.70 and its 200 day moving average price is $5.05.

ILLEGAL ACTIVITY WARNING: This story was originally posted by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another publication, it was copied illegally and reposted in violation of United States and international copyright and trademark legislation. The legal version of this story can be accessed at https://www.americanbankingnews.com/2017/06/17/zacks-investment-research-downgrades-petrofac-ltd-pofcy-to-sell.html.

Get a free copy of the Zacks research report on Petrofac (POFCY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Petrofac Ltd Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Petrofac Ltd and related companies with MarketBeat.com's FREE daily email newsletter.