Peel Hunt Reiterates “Buy” Rating for Faroe Petroleum plc (FPM)
Peel Hunt reaffirmed their buy rating on shares of Faroe Petroleum plc (LON:FPM) in a report issued on Friday. Peel Hunt currently has a GBX 100 ($1.31) price target on the oil and gas exploration company’s stock.
A number of other research analysts also recently weighed in on FPM. Liberum Capital upped their price objective on shares of Faroe Petroleum plc from GBX 58 ($0.76) to GBX 70 ($0.91) and gave the stock a hold rating in a research report on Wednesday, June 29th. Royal Bank Of Canada decreased their price objective on shares of Faroe Petroleum plc from GBX 120 ($1.57) to GBX 100 ($1.31) and set an outperform rating for the company in a research report on Thursday, August 11th. Macquarie reiterated 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 research report on Thursday, July 21st. Canaccord Genuity upgraded shares of Faroe Petroleum plc to a buy rating and upped their price objective for the stock from GBX 90 ($1.17) to GBX 100 ($1.31) in a research report on Tuesday, July 12th. Finally, Barclays PLC upped their price objective on shares of Faroe Petroleum plc from GBX 75 ($0.98) to GBX 85 ($1.11) and gave the stock an equal weight rating in a research report on Thursday, June 9th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of Buy and an average target price of GBX 98.33 ($1.28).
Faroe Petroleum plc (LON:FPM) opened at 73.25 on Friday. 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 197.05 million. The company has a 50-day moving average price of GBX 68.44 and a 200 day moving average price of GBX 69.53.
In other Faroe Petroleum plc news, insider Graham Stewart acquired 520 shares of the company’s stock in a transaction that occurred on Friday, September 30th. The stock was bought at an average price of GBX 72 ($0.94) per share, with a total value of £374.40 ($488.71). Also, insider Read,Timothy P acquired 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 19th. The shares were acquired at an average cost 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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