Pacific Drilling SA Bonds Drop 2.1% During Trading (PACD)

An issue of Pacific Drilling SA (NASDAQ:PACD) bonds fell 2.1% against their face value during trading on Tuesday, Analyst Ratings Net reports. The debt issue has a 7.25% coupon and will mature on December 1, 2017. The bonds in the issue are now trading at $84.25 and were trading at $90.00 one week ago. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.
Several analysts have recently commented on the stock. Analysts at Zephirin Group upgraded shares of Pacific Drilling SA from a “hold” rating to a “buy” rating in a research note on Thursday, January 8th. Separately, analysts at Credit Suisse lowered their price target on shares of Pacific Drilling SA from $10.00 to $8.00 and set an “outperform” rating on the stock in a research note on Friday, December 5th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $11.70.
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