Pacific Drilling SA (PACD) is Downgraded by Wells Fargo to Underperform

Pacific Drilling SA (PACD) was Downgraded by Wells Fargo to ” Underperform”. Earlier the firm had a rating of “Market Perform ” on the company shares. Wells Fargo advised their investors in a research report released on Jul 18, 2016.

Many Wall Street Analysts have commented on Pacific Drilling SA. Barclays Downgraded Pacific Drilling SA on Apr 20, 2016 to ” Underweight”, Price Target of the shares are set at $0.50.

On the company’s financial health, Pacific Drilling SA reported $0.19 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Nov 9, 2015. Analyst had a consensus of $0.15. The company had revenue of $260.20 million for the quarter, compared to analysts expectations of $264.79 million. The company’s revenue was down -5.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.22 EPS.

Pacific Drilling SA closed down -0.2 points or -2.99% at $6.49 with 67,773 shares getting traded on Friday. Post opening the session at $6.7, the shares hit an intraday low of $6.42 and an intraday high of $6.78 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

Pacific Drilling S.A. is an international offshore drilling Company. The Company is a provider of ultra-deep water drilling services to the oil and natural gas industry through the use of high-specification drilling rigs. The Company’s primary business is to contract its ultra-deep water drilling rigs related equipment and work crews primarily on a dayrate basis to drill wells for its customers. The Company is primarily focused on the ultra-deep water market. The Company considers ultra-deep water to begin at water depths of more than 7500 feet and to extend to the maximum water depths in which rigs are capable of drilling which is approximately 12000 feet.

Pacific Drilling SA

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