Pacific Drilling SA (PACD) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Pacific Drilling SA (NYSE:PACD) from a hold rating to a buy rating in a report released on Saturday. Zacks Investment Research currently has $4.25 price target on the stock.
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. “
A number of other brokerages have also recently weighed in on PACD. Evercore ISI initiated coverage on shares of Pacific Drilling SA in a research note on Wednesday, June 29th. They issued a hold rating and a $9.00 price objective for the company. Wells Fargo & Co. cut shares of Pacific Drilling SA from a market perform rating to an underperform rating in a research note on Monday, July 18th. Deutsche Bank AG cut shares of Pacific Drilling SA from a buy rating to a hold rating and reduced their price objective for the stock from $10.00 to $6.00 in a research note on Tuesday, August 9th. Finally, Citigroup Inc. reaffirmed a neutral rating on shares of Pacific Drilling SA in a research report on Sunday, August 28th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company’s stock. Pacific Drilling SA has a consensus rating of Hold and a consensus target price of $9.09.
Pacific Drilling SA (NYSE:PACD) opened at 3.77 on Friday. The firm has a market capitalization of $79.85 million, a price-to-earnings ratio of 2.40 and a beta of 2.47. Pacific Drilling SA has a one year low of $3.00 and a one year high of $17.80. The firm’s 50-day moving average is $3.59 and its 200 day moving average is $5.09.
Pacific Drilling SA (NYSE:PACD) last posted its earnings results on Monday, August 8th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.75) by $0.56. Pacific Drilling SA had a net margin of 3.54% and a return on equity of 2.60%. Analysts forecast that Pacific Drilling SA will post ($2.92) EPS for the current fiscal year.
Several large investors have recently modified their holdings of the stock. Renaissance Technologies LLC increased its stake in shares of 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. Oxford Asset Management purchased a new stake in shares of Pacific Drilling SA during the second quarter valued at approximately $407,000. KCG Holdings Inc. purchased a new stake in shares of Pacific Drilling SA during the second quarter valued at approximately $225,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of 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. Institutional investors own 15.67% of the company’s stock.
About Pacific Drilling SA
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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