Zacks Investment Research upgraded shares of Subsea 7 (OTCMKTS:SUBCY) from a hold rating to a buy rating in a research report report published on Wednesday. The brokerage currently has $14.00 price objective on the energy company’s stock.
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 brokerages have also issued reports on SUBCY. ValuEngine lowered shares of Subsea 7 from a hold rating to a sell rating in a research note on Thursday, August 2nd. Jefferies Financial Group raised shares of Subsea 7 from a hold rating to a buy rating in a research note on Thursday, August 16th. Finally, Morgan Stanley raised shares of Subsea 7 from an equal weight rating to an overweight rating in a research note on Wednesday, September 5th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target 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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