UPDATE: Williams Financial Group Maintains Hold on Pacific Drilling, Trims PT to $9.50 on Higher OpEx

Williams Financial Group reiterates its Hold rating on Pacific Drilling (NYSE: PACD) and trims its price target from $11 to $9.50 on shares.

Williams Financial Group says, "PACD reported worse than expected 1Q EPS with BOP issues and exorbitant OPEX, which is the driver for our estimate reduction. Still the company's newbuild UDW drillship Shirav will provide a market data point with a term fixture expected in coming weeks, while the Khamsin, which has a nearer delivery, could also be a catalyst (though we model $600k/d average daily revenue with a ~$350k/d margin)."

PACD closed at $8.00 on Tuesday.