Pacific Drilling SA (PACD) is Downgraded by Deutsche Bank to Hold, Lowers Price Target to $ 6

Pacific Drilling SA (PACD) was Downgraded by Deutsche Bank to ” Hold” while Lowering the Price Target of the company shares to $ 6 from a previous price target of $10 . Earlier the firm had a rating of “Buy ” on the company shares. Deutsche Bank advised their investors in a research report released on Aug 9, 2016.

Many Wall Street Analysts have commented on Pacific Drilling SA. Pacific Drilling SA was Downgraded by Wells Fargo to ” Underperform” on Jul 18, 2016.

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 opened for trading at $4.94 and hit $6.11 on the upside on Monday, eventually ending the session at $6.02, with a gain of 28.63% or 1.34 points. The heightened volatility saw the trading volume jump to 9,17,974 shares. Company has a market cap of $127 M.

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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