Oil services firm Petrofac (LSE: PFC) issued its full-year results for 2014 on Wednesday. The firm's shares have edged 5% higher in trading so far today, suggesting investors were pleased with the firm's outlook.
The Weir Group PLC logo The Weir Group PLC (LON:WEIR)'s stock had its �market perform� rating reiterated by analysts at Cowen and Company in a research report issued to clients and investors on Monday.
The Weir Group PLC logo The Weir Group PLC (LON:WEIR) had its price target trimmed by JPMorgan Chase & Co. from GBX 1,520 ($23.42) to GBX 1,410 ($21.73) in a research note issued to investors on Friday.
Weir Group (LSE: WEIR) and Petrofac (LSE: PFC) are two similar companies with differing fortunes. The two engineering giants both provide equipment and services for the oil services industry, although Weir's performance has eclipsed that of Petrofac.
These are big falls, and all three companies now look cheap on a 2015 forecast P/E basis. The question for investors is whether the valuation of these firms reflects the full impact of lower oil prices - or whether there is worse to come.