Zacks Investment Research upgraded shares of Petrofac Ltd (NASDAQ:POFCY) from a sell rating to a hold rating in a research report released on Wednesday.

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. “

Petrofac (NASDAQ POFCY) traded down 4.12% on Wednesday, reaching $2.56. The company’s stock had a trading volume of 47,445 shares. The company has a 50 day moving average of $2.84 and a 200 day moving average of $4.02. The firm has a market capitalization of $1.74 billion and a price-to-earnings ratio of 1706.67. Petrofac has a 52 week low of $2.20 and a 52 week high of $5.93.

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