Faroe Petroleum plc (FPM) Earns Buy Rating from Jefferies Group
Faroe Petroleum plc (LON:FPM)‘s stock had its “buy” rating reissued by equities research analysts at Jefferies Group in a report issued on Thursday. They currently have a GBX 100 ($1.31) price target on the oil and gas exploration company’s stock. Jefferies Group’s price target would suggest a potential upside of 37.93% from the company’s current price.
Several other equities analysts also recently issued reports on the company. Peel Hunt reiterated a “buy” rating and set a GBX 100 ($1.31) price objective on shares of Faroe Petroleum plc in a research report on Friday, September 30th. Canaccord Genuity reiterated a “buy” rating and set a GBX 100 ($1.31) price objective on shares of Faroe Petroleum plc in a research report on Thursday, September 22nd. Royal Bank Of Canada reduced their price objective on Faroe Petroleum plc from GBX 120 ($1.57) to GBX 100 ($1.31) and set an “outperform” rating for the company in a research report on Thursday, August 11th. Numis Securities Ltd restated an “under review” rating on shares of Faroe Petroleum plc in a research report on Monday, July 25th. Finally, Macquarie restated an “outperform” rating and issued a GBX 107 ($1.40) target price (up from GBX 90 ($1.17)) on shares of Faroe Petroleum plc in a research report on Thursday, July 21st. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of GBX 98.33 ($1.28).
Faroe Petroleum plc (LON:FPM) traded up 1.75% during midday trading on Thursday, hitting GBX 72.50. The stock had a trading volume of 1,347,992 shares. Faroe Petroleum plc has a one year low of GBX 42.50 and a one year high of GBX 82.00. The stock’s market cap is GBX 195.03 million. The firm has a 50 day moving average price of GBX 68.35 and a 200 day moving average price of GBX 69.57.
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In other news, insider Graham Stewart bought 520 shares of the business’s stock in a transaction on Friday, September 30th. The shares were bought at an average cost of GBX 72 ($0.94) per share, with a total value of £374.40 ($488.71). Also, insider Read,Timothy P bought 50,000 shares of the business’s stock in a transaction on Tuesday, July 19th. The shares were purchased at an average cost of GBX 70 ($0.91) per share, for a total transaction of £35,000 ($45,685.94).
About Faroe Petroleum plc
Faroe Petroleum plc is an independent oil and gas company that is engaged in the exploration, appraisal and production opportunities in Norway and the United Kingdom. The Company has a portfolio of production assets, including Aerosmith-PL644, located approximately 20 kilometers from the Morvin and Smorbukk Fields in the province of the Norwegian Sea; Betula-PL670, located in the vicinity of the Jurassic Ula Field in the Central North Sea; Birnam-P1993, located in the north-east of the Perth Field; Caramello-PL665 S, located on the Sorvestlandet High in the Norwegian Southern North Sea; Firklover-PL676 S, located on the Viking Graben; Hyme Field-PL348, located in the southern part of the Norwegian Sea, and Samson Dome-PL534, covering approximately 900 square kilometers.
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