Petrofac (LON:PFC) was downgraded by investment analysts at JPMorgan Chase & Co. to a “neutral” rating in a note issued to investors on Monday. They presently have a GBX 500 ($6.53) price target on the stock, down from their previous price target of GBX 660 ($8.62). JPMorgan Chase & Co.‘s price objective points to a potential upside of 24.50% from the stock’s previous close.
Several other brokerages have also issued reports on PFC. Jefferies Financial Group raised shares of Petrofac to a “buy” rating and cut their target price for the stock from GBX 640 ($8.36) to GBX 590 ($7.71) in a research note on Monday, January 7th. Kepler Capital Markets raised shares of Petrofac to a “buy” rating and increased their target price for the stock from GBX 700 ($9.15) to GBX 720 ($9.41) in a research note on Wednesday, December 19th. Sanford C. Bernstein raised shares of Petrofac to a “market perform” rating and cut their target price for the stock from GBX 500 ($6.53) to GBX 480 ($6.27) in a research note on Tuesday, January 8th. Barclays reissued an “overweight” rating on shares of Petrofac in a research note on Wednesday, January 16th. Finally, Morgan Stanley raised shares of Petrofac to an “overweight” rating in a research note on Wednesday, January 16th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Petrofac presently has a consensus rating of “Buy” and an average price target of GBX 674.55 ($8.81).
LON:PFC opened at GBX 401.60 ($5.25) on Monday. Petrofac has a 52 week low of GBX 345.20 ($4.51) and a 52 week high of GBX 941 ($12.30).
In other Petrofac news, insider David Davies acquired 948 shares of the company’s stock in a transaction on Monday, January 7th. The shares were purchased at an average cost of GBX 527 ($6.89) per share, with a total value of £4,995.96 ($6,528.11).
Petrofac Company Profile
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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