Faroe Petroleum plc (FPM) Receives Overweight Rating from Barclays PLC
Faroe Petroleum plc (LON:FPM)‘s stock had its “overweight” rating reiterated by investment analysts at Barclays PLC in a note issued to investors on Thursday, Marketbeat.com reports. They presently have a GBX 110 ($1.40) price objective on the oil and gas exploration company’s stock. Barclays PLC’s price target indicates a potential upside of 33.74% from the company’s previous close.
Several other equities analysts also recently weighed in on FPM. Canaccord Genuity upgraded shares of Faroe Petroleum plc to a “buy” rating and lifted their target price for the stock from GBX 110 ($1.40) to GBX 115 ($1.47) in a research note on Wednesday, March 1st. Peel Hunt reduced their price objective on shares of Faroe Petroleum plc from GBX 120 ($1.53) to GBX 115 ($1.47) and set a “buy” rating for the company in a research note on Tuesday, March 7th. GMP Securities reaffirmed a “hold” rating on shares of Faroe Petroleum plc in a research note on Wednesday, March 15th. Jefferies Group LLC reaffirmed a “buy” rating and set a GBX 142 ($1.81) price objective on shares of Faroe Petroleum plc in a research note on Wednesday, March 22nd. Finally, Macquarie reduced their price objective on shares of Faroe Petroleum plc from GBX 117 ($1.49) to GBX 110 ($1.40) and set an “outperform” rating for the company in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of GBX 106.43 ($1.36).
Shares of Faroe Petroleum plc (LON FPM) opened at 82.25 on Thursday. The company’s market cap is GBX 299.82 million. Faroe Petroleum plc has a 12-month low of GBX 60.50 and a 12-month high of GBX 115.00. The firm has a 50-day moving average of GBX 92.32 and a 200-day moving average of GBX 98.05.
In other Faroe Petroleum plc news, insider Graham Stewart sold 540,192 shares of Faroe Petroleum plc stock in a transaction that occurred on Thursday, April 13th. The shares were sold at an average price of GBX 100 ($1.27), for a total transaction of £540,192 ($688,230.35). Also, 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 ($1.18), for a total transaction of £16,106.67 ($20,520.67).
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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