Zacks Investment Research Upgrades Pacific Drilling SA (PACD) to Buy
Pacific Drilling SA (NYSE:PACD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The firm currently has a $4.25 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 12.73% from the stock’s current price.
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. “
Several other equities analysts have also issued reports on PACD. Evercore ISI initiated coverage on Pacific Drilling SA in a report on Wednesday, June 29th. They set a “hold” rating and a $9.00 price objective on the stock. Wells Fargo & Co. lowered Pacific Drilling SA from a “market perform” rating to an “underperform” rating in a report on Monday, July 18th. Deutsche Bank AG lowered Pacific Drilling SA from a “buy” rating to a “hold” rating and lowered their price target for the stock from $10.00 to $6.00 in a report on Tuesday, August 9th. Finally, Citigroup Inc. reissued a “neutral” rating on shares of Pacific Drilling SA in a 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 given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $9.09.
Shares of Pacific Drilling SA (NYSE:PACD) opened at 3.77 on Friday. Pacific Drilling SA has a 12 month low of $3.00 and a 12 month high of $17.80. The firm has a market cap of $79.85 million, a PE ratio of 2.40 and a beta of 2.47. The firm’s 50-day moving average price is $3.59 and its 200-day moving average price is $5.09.
Pacific Drilling SA (NYSE:PACD) last posted its quarterly earnings results on Monday, August 8th. The company reported ($0.19) earnings per share for the quarter, beating the Zacks’ 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%. Analysts expect that Pacific Drilling SA will post ($2.92) earnings per share for the current year.
Several large investors have recently bought and sold shares of PACD. KCG Holdings Inc. bought a new stake in Pacific Drilling SA during the second quarter worth about $225,000. Oxford Asset Management bought a new stake in Pacific Drilling SA during the second quarter worth about $407,000. Renaissance Technologies LLC increased 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 worth $405,000 after buying an additional 405,900 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased 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 worth $2,047,000 after buying an additional 14,767 shares during the last quarter. Institutional investors own 15.67% of the company’s stock.
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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