Petrofac stock price slumps 10% on revenue warning

By: Invezz

Shares of Petrofac Limited (LON: PFC) have slumped over 10% today after the company reported it expects a 70% decline in revenue for its two divisions. As a result, Petrofac share price has erased gains recorded in the past four days.  Fundamental analysis: Weak oil demand hurting the company Petrofac said its two divisions – engineering and construction – are expected to suffer immensely from a plunge in demand for oil products. A major provider of oilfield services expects to see a 70% decline in revenues to $1.6 billion compared to last year, for its engineering and construction divisions.  “Despite

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