Petrofac Ltd (NASDAQ:POFCY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

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. “

Shares of Petrofac (NASDAQ:POFCY) opened at 2.56 on Tuesday. The firm has a 50 day moving average of $2.84 and a 200 day moving average of $4.02. The firm has a market cap 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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