Faroe Petroleum plc’s (FPM) Buy Rating Reiterated at Peel Hunt
Faroe Petroleum plc (LON:FPM)‘s stock had its “buy” rating reiterated by equities research analysts at Peel Hunt in a note issued to investors on Thursday. They currently have a GBX 115 ($1.50) price objective on the oil and gas exploration company’s stock. Peel Hunt’s price target points to a potential upside of 17.35% from the stock’s current price.
Other equities research analysts have also recently issued reports about the company. Canaccord Genuity upgraded Faroe Petroleum plc to a “buy” rating and lifted their price objective for the stock from GBX 110 ($1.43) to GBX 115 ($1.50) in a report on Wednesday, March 1st. Jefferies Group LLC reiterated a “buy” rating and issued a GBX 142 ($1.85) price objective on shares of Faroe Petroleum plc in a report on Monday, February 13th. Barclays PLC lowered their target price on Faroe Petroleum plc from GBX 115 ($1.50) to GBX 110 ($1.43) and set an “equal weight” rating on the stock in a report on Tuesday, April 11th. GMP Securities restated a “hold” rating on shares of Faroe Petroleum plc in a report on Wednesday, March 15th. Finally, Macquarie upgraded Faroe Petroleum plc to an “outperform” rating and boosted their target price for the stock from GBX 111 ($1.44) to GBX 117 ($1.52) in a report on Friday, February 3rd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of GBX 107.43 ($1.40).
Faroe Petroleum plc (LON:FPM) opened at 97.625 on Thursday. The stock’s market cap is GBX 347.52 million. Faroe Petroleum plc has a 52 week low of GBX 59.00 and a 52 week high of GBX 115.00. The firm’s 50-day moving average price is GBX 97.50 and its 200-day moving average price is GBX 96.14.
In other news, insider Roger Witts sold 17,319 shares of Faroe Petroleum plc stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of GBX 93 ($1.21), for a total transaction of £16,106.67 ($20,953.13). Also, insider Jonathan Cooper bought 383 shares of the business’s stock in a transaction on Friday, March 31st. The stock was purchased at an average cost of GBX 98 ($1.27) per share, for a total transaction of £375.34 ($488.28).
About Faroe Petroleum plc
Faroe Petroleum plc is an oil and gas company. The Company is focused on exploration, appraisal and production opportunities in Norway and the United Kingdom. Its portfolio consists of approximately 60 exploration, appraisal, development and production licenses in the West of Shetland, the North Sea, Norwegian Sea, Barents Sea and the Celtic Sea.
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