Zacks Investment Research upgraded shares of Subsea 7 (OTCMKTS:SUBCY) from a hold rating to a buy rating in a report issued on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $13.00 price objective on the energy company’s stock.
According to Zacks, “Subsea 7 S.A., formerly known as Acergy S.A., operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Company is engaged in the design, fabrication, installation and commissioning of seabed-to-surface projects and its scope of operations include Subsea, Umbilical, Riser and Flowline (SURF) systems; Life-of-Field; Conventional Services and Renewables. Services offered by the Company ranges from engineering and construction for subsea field developments, pipeline and riser systems and associated services, inspection, maintenance and repair, integrity management and remote intervention, fabrication and installation of fixed platforms and associated pipelines, as well as hook-up and platform refurbishment. Subsea 7 S.A. is based in London, United Kingdom. “
A number of other research firms have also recently weighed in on SUBCY. Goldman Sachs Group started coverage on shares of Subsea 7 in a report on Tuesday, March 26th. They issued a buy rating on the stock. Berenberg Bank assumed coverage on shares of Subsea 7 in a report on Tuesday, February 26th. They issued a hold rating on the stock. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Subsea 7 currently has an average rating of Buy and an average price target of $13.00.
Subsea 7 (OTCMKTS:SUBCY) last released its quarterly earnings results on Thursday, May 2nd. The energy company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). Subsea 7 had a net margin of 4.22% and a return on equity of 3.02%. The firm had revenue of $859.20 million during the quarter, compared to the consensus estimate of $757.00 million. As a group, analysts expect that Subsea 7 will post 0.17 EPS for the current year.
Subsea 7 Company Profile
Subsea 7 SA delivers offshore projects and services for the evolving energy industry worldwide. It provides subsea field development products and services, including project management, design and engineering, procurement, fabrication, survey, installation, and commissioning of production facilities on the seabed and the tie-back of its facilities to fixed or floating platforms or to the shore.
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