Subsea 7 (OTCMKTS:SUBCY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $14.00 target price on the energy company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 17.65% from the stock’s previous close.
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 issued reports on SUBCY. ValuEngine cut shares of Subsea 7 from a “hold” rating to a “sell” rating in a research note on Thursday, August 2nd. Jefferies Financial Group upgraded shares of Subsea 7 from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Finally, Morgan Stanley upgraded shares of Subsea 7 from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, September 5th. Two equities research analysts have rated the stock with a sell rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $14.00.
About Subsea 7
Subsea 7 SA operates as a seabed-to-surface engineering, construction, and services contractor to the offshore 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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