Barclays PLC Downgrades Premier Oil plc (PMO) to Underweight
Premier Oil plc (LON:PMO) was downgraded by investment analysts at Barclays PLC to an “underweight” rating in a research report issued to clients and investors on Tuesday. They currently have a GBX 70 ($0.92) target price on the oil producer’s stock, down from their prior target price of GBX 72 ($0.95).
A number of other brokerages have also issued reports on PMO. Peel Hunt restated a “buy” rating and issued a GBX 80 ($1.05) target price on shares of Premier Oil plc in a research note on Wednesday, August 23rd. Macquarie cut their target price on shares of Premier Oil plc from GBX 41 ($0.54) to GBX 40 ($0.53) and set an “underperform” rating on the stock in a research note on Tuesday, August 29th. Deutsche Bank AG upped their target price on shares of Premier Oil plc from GBX 65 ($0.85) to GBX 67 ($0.88) and gave the company a “hold” rating in a research note on Friday, October 13th. Jefferies Group LLC restated a “buy” rating and issued a GBX 90 ($1.18) target price on shares of Premier Oil plc in a research note on Wednesday, October 4th. Finally, Credit Suisse Group restated an “underperform” rating and issued a GBX 60 ($0.79) target price on shares of Premier Oil plc in a research note on Friday, November 3rd. Three analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. Premier Oil plc currently has a consensus rating of “Hold” and a consensus price target of GBX 77.67 ($1.02).
Shares of Premier Oil plc (LON:PMO) traded down GBX 0.25 ($0.00) during mid-day trading on Tuesday, reaching GBX 70 ($0.92). 1,731,104 shares of the company’s stock were exchanged, compared to its average volume of 4,420,000. Premier Oil plc has a 52-week low of GBX 42.75 ($0.56) and a 52-week high of GBX 99.50 ($1.31).
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Premier Oil plc is an independent exploration and production company with oil and gas interests in the North Sea, South East Asia, Pakistan, the Falkland Islands and Latin America. The Company is engaged in the business of upstream oil and gas exploration and production. The Company’s operations are located and managed in six business units: the Falkland Islands, Indonesia, Pakistan (including Mauritania), the United Kingdom, Vietnam and the Rest of the World.
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