Petrofac (PFC) Downgraded to Underweight at Morgan Stanley

Petrofac (LON:PFC) was downgraded by equities researchers at Morgan Stanley to an “underweight” rating in a research note issued to investors on Monday. They currently have a GBX 650 ($8.65) price objective on the stock, down from their previous price objective of GBX 720 ($9.59). Morgan Stanley’s target price indicates a potential upside of 18.31% from the stock’s current price.

PFC has been the topic of several other reports. Kepler Capital Markets restated a “buy” rating and issued a GBX 660 ($8.79) target price on shares of Petrofac in a research note on Tuesday, March 20th. Jefferies Financial Group upgraded Petrofac to a “buy” rating and set a GBX 600 ($7.99) price objective on the stock in a research note on Tuesday, March 6th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a GBX 590 ($7.86) price objective on shares of Petrofac in a research note on Thursday, February 22nd. Numis Securities reiterated a “buy” rating and set a GBX 700 ($9.32) price objective on shares of Petrofac in a research note on Friday, March 2nd. Finally, Goldman Sachs Group boosted their price objective on Petrofac from GBX 646 ($8.60) to GBX 674 ($8.97) and gave the company a “buy” rating in a research note on Monday, April 23rd. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Petrofac has an average rating of “Hold” and a consensus target price of GBX 581.85 ($7.75).

Shares of PFC opened at GBX 549.40 ($7.31) on Monday. Petrofac has a 1 year low of GBX 345.20 ($4.60) and a 1 year high of GBX 941 ($12.53).

In other Petrofac news, insider Sara Akbar bought 976 shares of the firm’s stock in a transaction on Wednesday, April 4th. The shares were acquired at an average cost of GBX 512 ($6.82) per share, for a total transaction of £4,997.12 ($6,653.07).

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.

Analyst Recommendations for Petrofac (LON:PFC)

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