Zacks Investment Research cut shares of Petrofac (OTCMKTS:POFCY) from a buy rating to a hold rating in a report published on Friday morning.
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. “
Other research analysts have also recently issued research reports about the stock. ValuEngine upgraded shares of Petrofac from a hold rating to a buy rating in a report on Friday, December 1st. Morgan Stanley cut shares of Petrofac from an equal weight rating to an underweight rating in a report on Friday, February 23rd.
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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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