Zacks Investment Research cut shares of Subsea 7 (OTCMKTS:SUBCY) from a buy rating to a hold rating in a report published on Friday morning.
According to Zacks, “Subsea 7 S.A., formerly known as Acergy S.A., operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Company is engaged in the design, fabrication, installation and commissioning of seabed-to-surface projects and its scope of operations include Subsea, Umbilical, Riser and Flowline (SURF) systems; Life-of-Field; Conventional Services and Renewables. Services offered by the Company ranges from engineering and construction for subsea field developments, pipeline and riser systems and associated services, inspection, maintenance and repair, integrity management and remote intervention, fabrication and installation of fixed platforms and associated pipelines, as well as hook-up and platform refurbishment. Subsea 7 S.A. is based in London, United Kingdom. “
Several other equities research analysts also recently weighed in on SUBCY. ValuEngine downgraded Subsea 7 from a hold rating to a sell rating in a report on Thursday, August 2nd. Jefferies Financial Group raised Subsea 7 from a hold rating to a buy rating in a report on Thursday, August 16th. Finally, Morgan Stanley raised Subsea 7 from an equal weight rating to an overweight rating in a report on Wednesday, September 5th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $14.00.
About Subsea 7
Subsea 7 SA operates as a seabed-to-surface engineering, construction, and services contractor to the offshore energy industry worldwide. It provides subsea field development products and services, including project management, design and engineering, procurement, fabrication, survey, installation, and commissioning of production facilities on the seabed and the tie-back of its facilities to fixed or floating platforms or to the shore.
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