Barclays Trims Faroe Petroleum (FPM) Target Price to GBX 165
Faroe Petroleum (LON:FPM) had its price target trimmed by Barclays from GBX 185 ($2.42) to GBX 165 ($2.16) in a research note issued to investors on Thursday. The firm currently has an equal weight rating on the oil and gas exploration company’s stock.
A number of other equities analysts have also recently weighed in on the company. Peel Hunt reiterated a buy rating and set a GBX 180 ($2.35) price target on shares of Faroe Petroleum in a report on Wednesday, December 5th. Canaccord Genuity restated a buy rating and set a GBX 190 ($2.48) target price on shares of Faroe Petroleum in a report on Tuesday, November 27th. Finally, Jefferies Financial Group restated a buy rating and set a GBX 190 ($2.48) target price on shares of Faroe Petroleum in a report on Monday, October 22nd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Faroe Petroleum presently has an average rating of Buy and a consensus target price of GBX 168.14 ($2.20).
LON:FPM remained flat at $GBX 160 ($2.09) during trading hours on Thursday. The company’s stock had a trading volume of 4,158,173 shares, compared to its average volume of 643,390. Faroe Petroleum has a 12 month low of GBX 74.50 ($0.97) and a 12 month high of GBX 116.80 ($1.53).
Faroe Petroleum plc, an independent oil and gas company, engages in the exploration, appraisal, and development of oil and gas fields in Northwest Europe. The company has interests in the Trym, Tambar, Ula, and Ringhorne East fields in Norway; and Blane oil field in the United Kingdom. As of January 1, 2018, it had proven and probable reserves of 114.1 million barrels of oil equivalent.
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