Canaccord Genuity reaffirmed their buy rating on shares of Faroe Petroleum plc (LON:FPM) in a research report released on Thursday morning. Canaccord Genuity currently has a GBX 100 ($1.31) price objective on the oil and gas exploration company’s stock.
FPM has been the topic of several other reports. Barclays PLC boosted their target price on 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 reissued an under review rating on shares of Faroe Petroleum plc in a report on Monday, July 25th. Macquarie restated 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. Peel Hunt boosted 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 research report on Tuesday, July 12th. Finally, Royal Bank Of Canada dropped 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. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Faroe Petroleum plc currently has an average rating of Buy and an average price target of GBX 98.33 ($1.28).
Shares of Faroe Petroleum plc (LON:FPM) opened at 70.25 on Thursday. The company’s market capitalization is GBX 188.98 million. The stock’s 50 day moving average price is GBX 67.86 and its 200 day moving average price is GBX 69.29. Faroe Petroleum plc has a 1-year low of GBX 42.50 and a 1-year high of GBX 82.00.
In related news, insider Stewart,Graham bought 543 shares of Faroe Petroleum plc stock in a transaction that occurred on Thursday, June 30th. The stock was purchased at an average cost of GBX 69 ($0.90) per share, with a total value of £374.67 ($489.06). Also, insider Read,Timothy P bought 50,000 shares of Faroe Petroleum plc stock in a transaction that occurred on Tuesday, July 19th. The stock was bought 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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