Subsea 7 (OTCMKTS:SUBCY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday, Zacks.com reports. The firm currently has a $12.00 price objective on the energy company’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.99% from the company’s current price.
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. “
Separately, Goldman Sachs Group reiterated a “neutral” rating and set a $36.00 price objective on shares of General Motors in a research note on Tuesday, March 26th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Subsea 7 has a consensus rating of “Buy” and an average target price of $12.00.
Subsea 7 (OTCMKTS:SUBCY) last announced its earnings results on Thursday, May 2nd. The energy company reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.07). Subsea 7 had a net margin of 4.22% and a return on equity of 3.03%. The company had revenue of $859.20 million for the quarter, compared to analysts’ expectations of $757.00 million. As a group, analysts anticipate that Subsea 7 will post 0.19 earnings per share for the current year.
About Subsea 7
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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