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Petrofac downgraded by RBC

26 May 2017 14:08

RBC Capital Markets has downgraded its investment rating on oilfield services group Petrofac (LON:PFC) to underperform (from sector perform), which it says is due to uncertainty around the ongoing SFO investigation and following the suspension of COO Marwin Chedid.

"In a challenging oil price environment, with fewer available contracts, we think this investigation by the Serious Fraud Office (SFO) further impedes Petrofac's ability to win contracts," analyst Victoria McCulloch said.

"We have reduced our estimates to reflect fewer contract wins in 2017, as the company expects to devote significant resources to this investigation."

RBC slashed its price target to 400p per share (from 1,000p).

At 2:08pm: (LON:PFC) Petrofac Ltd share price was -42.95p at 387.85p

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