Deutsche Bank Downgrades Pacific Drilling SA to Hold

Brokerage firm Deutsche Bank Downgrades its rating on Pacific Drilling SA(NYSE:PACD). The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by Deutsche Bank was issued on Aug 9, 2016.

In a different note, On Jul 18, 2016, Wells Fargo said it Downgrades its rating on Pacific Drilling SA. The shares have been rated ‘Underperform’ by the firm.

Pacific Drilling SA (PACD) shares turned negative on Wednesdays trading session with the shares closing down -0.32 points or -6.75% at a volume of 2,47,674. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $4.68. The peak price level was also seen at $4.68 while the days lowest was $4.3174. Finally the shares closed at $4.42. The 52-week high of the shares is $21.6 while the 52-week low is $3. According to the latest information available, the market cap of the company is $94 M.

Pacific Drilling SA(PACD) last announced its earnings results on May 5, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $205.38M. Analysts had an estimated revenue of $199.26M. Earnings per share were $-0.01. Analysts had estimated an EPS of $-0.07.

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.

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