Faroe Petroleum plc’s (FPM) Buy Rating Reaffirmed at Canaccord Genuity
Canaccord Genuity reissued their buy rating on shares of Faroe Petroleum plc (LON:FPM) in a research report report published on Thursday morning. The brokerage currently has a GBX 100 ($1.31) target price on the oil and gas exploration company’s stock.
FPM has been the topic of several other reports. Macquarie reissued an outperform rating and issued a GBX 107 ($1.40) price objective (up from GBX 90 ($1.17)) on shares of Faroe Petroleum plc in a research report on Thursday, July 21st. Peel Hunt reissued a buy rating and issued a GBX 100 ($1.31) price objective on shares of Faroe Petroleum plc in a research report on Thursday, August 25th. Barclays PLC reissued an equal weight rating and issued a GBX 100 ($1.31) price objective on shares of Faroe Petroleum plc in a research report on Tuesday, July 19th. Numis Securities Ltd reissued an under review rating on shares of Faroe Petroleum plc in a research report on Monday, July 25th. Finally, Royal Bank Of Canada cut their price objective on Faroe Petroleum plc from GBX 120 ($1.57) to GBX 100 ($1.31) and set an outperform rating on the stock in a research report on Thursday, August 11th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Faroe Petroleum plc has an average rating of Buy and an average target price of GBX 98.33 ($1.28).
Shares of Faroe Petroleum plc (LON:FPM) traded up 2.50% during mid-day trading on Thursday, hitting GBX 71.75. The company had a trading volume of 252,629 shares. The stock’s 50-day moving average is GBX 67.55 and its 200-day moving average is GBX 69.12. Faroe Petroleum plc has a 52-week low of GBX 42.50 and a 52-week high of GBX 82.00. The stock’s market cap is GBX 192.94 million.
In related news, insider Stewart,Graham bought 543 shares of the firm’s stock in a transaction on Thursday, June 30th. The stock was bought at an average cost of GBX 69 ($0.90) per share, for a total transaction of £374.67 ($489.06). Also, insider Read,Timothy P bought 50,000 shares of the firm’s stock in a transaction on Tuesday, July 19th. The stock was bought at an average price of GBX 70 ($0.91) per share, with a total value of £35,000 ($45,685.94).
About Faroe Petroleum plc
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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