Zacks Investment Research Downgrades Petrofac Ltd (POFCY) to Sell

Petrofac Ltd (NASDAQ:POFCY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released 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 (POFCY) opened at 2.63 on Friday. The company has a 50 day moving average price of $3.70 and a 200 day moving average price of $5.05. Petrofac has a 52 week low of $2.20 and a 52 week high of $5.93. The company has a market cap of $1.79 billion and a PE ratio of 1753.33.

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