Jefferies Group Reiterates “Buy” Rating for Faroe Petroleum plc (FPM)
Faroe Petroleum plc (LON:FPM)‘s stock had its “buy” rating restated by research analysts at Jefferies Group in a research 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 target price would suggest a potential upside of 36.52% from the stock’s previous close.
A number of other research firms have also recently weighed in on FPM. Barclays PLC increased their price objective on shares of Faroe Petroleum plc from GBX 85 ($1.11) to GBX 100 ($1.31) and gave the stock an “equal weight” rating in a report on Wednesday, July 13th. Numis Securities Ltd reaffirmed an “under review” rating on shares of Faroe Petroleum plc in a report on Monday, July 25th. Macquarie reaffirmed an “outperform” rating and issued a GBX 107 ($1.40) price objective (up previously from GBX 90 ($1.17)) on shares of Faroe Petroleum plc in a report on Thursday, July 21st. Peel Hunt increased their price objective on shares of Faroe Petroleum plc from GBX 100 ($1.31) to GBX 110 ($1.44) and gave the stock a “buy” rating in a report on Tuesday, July 12th. Finally, Canaccord Genuity raised shares of Faroe Petroleum plc to a “buy” rating and increased their price objective for the stock from GBX 90 ($1.17) to GBX 100 ($1.31) in a report on Tuesday, July 12th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of GBX 98.33 ($1.28).
Shares of Faroe Petroleum plc (LON:FPM) opened at 73.25 on Thursday. 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 197.05 million. The firm has a 50 day moving average of GBX 68.44 and a 200 day moving average of GBX 69.53.
In other Faroe Petroleum plc news, insider Graham Stewart acquired 520 shares of Faroe Petroleum plc stock in a transaction dated Friday, September 30th. The stock was bought at an average price of GBX 72 ($0.94) per share, for a total transaction of £374.40 ($488.71). Also, insider Read,Timothy P acquired 50,000 shares of Faroe Petroleum plc stock in a transaction dated Tuesday, July 19th. The shares were acquired at an average price of GBX 70 ($0.91) per share, with a total value of £35,000 ($45,685.94).
Faroe Petroleum plc Company Profile
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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