Pacific Drilling SA (NYSE:PACD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The brokerage currently has a $4.25 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.73% from the company’s previous close.
According to Zacks, “Pacific Drilling S.A. provides ultra-deepwater drilling services to the oil and natural gas industry. The Company rents its drilling rigs, related equipment and work crews to drill wells for its customers. Pacific Drilling S.A. is based in Luxembourg. “
PACD has been the subject of a number of other research reports. Citigroup Inc. reiterated a “neutral” rating on shares of Pacific Drilling SA in a report on Sunday, August 28th. Evercore ISI assumed coverage on Pacific Drilling SA in a report on Wednesday, June 29th. They set a “hold” rating and a $9.00 target price for the company. Deutsche Bank AG cut Pacific Drilling SA from a “buy” rating to a “hold” rating and decreased their target price for the stock from $10.00 to $6.00 in a report on Tuesday, August 9th. Finally, Wells Fargo & Co. cut Pacific Drilling SA from a “market perform” rating to an “underperform” rating in a report on Monday, July 18th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $9.09.
Shares of Pacific Drilling SA (NYSE:PACD) opened at 3.77 on Friday. The firm has a market cap of $79.85 million, a PE ratio of 2.40 and a beta of 2.47. The company has a 50-day moving average of $3.59 and a 200 day moving average of $5.09. Pacific Drilling SA has a one year low of $3.00 and a one year high of $17.80.
Pacific Drilling SA (NYSE:PACD) last posted its quarterly earnings results on Monday, August 8th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.75) by $0.56. Pacific Drilling SA had a return on equity of 2.60% and a net margin of 3.54%. On average, equities research analysts expect that Pacific Drilling SA will post ($2.92) EPS for the current fiscal year.
Large investors have recently bought and sold shares of the stock. KCG Holdings Inc. purchased a new stake in Pacific Drilling SA during the second quarter valued at about $225,000. Oxford Asset Management purchased a new stake in Pacific Drilling SA during the second quarter valued at about $407,000. Renaissance Technologies LLC raised its stake in Pacific Drilling SA by 96.6% in the first quarter. Renaissance Technologies LLC now owns 826,300 shares of the company’s stock valued at $405,000 after buying an additional 405,900 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Pacific Drilling SA by 0.4% in the first quarter. Goldman Sachs Group Inc. now owns 4,177,834 shares of the company’s stock valued at $2,047,000 after buying an additional 14,767 shares in the last quarter. 15.67% of the stock is currently owned by institutional investors and hedge funds.
Pacific Drilling SA Company Profile
Pacific Drilling SA is an international offshore drilling contractor. The Company provides offshore drilling services to the oil and natural gas industry through the use of high-specification rigs. The Company’s primary business is to contract its high-specification rigs, related equipment and work crews, primarily on a day rate basis, to drill wells for its clients.
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