Faroe Petroleum plc (FPM) Given Buy Rating at Peel Hunt

Peel Hunt restated their buy rating on shares of Faroe Petroleum plc (LON:FPM) in a report released on Tuesday. They currently have a GBX 100 ($1.22) target price on the oil and gas exploration company’s stock.

A number of other brokerages have also recently weighed in on FPM. Numis Securities Ltd reiterated an under review rating on shares of Faroe Petroleum plc in a research report on Monday, July 25th. Jefferies Group assumed coverage on Faroe Petroleum plc in a research report on Friday, September 16th. They set a buy rating and a GBX 100 ($1.22) price target on the stock. Barclays PLC increased their price target on Faroe Petroleum plc from GBX 85 ($1.04) to GBX 100 ($1.22) and gave the stock an equal weight rating in a research report on Wednesday, July 13th. Macquarie reiterated an outperform rating and set a GBX 107 ($1.30) price target (up from GBX 90 ($1.10)) on shares of Faroe Petroleum plc in a research report on Thursday, July 21st. Finally, Royal Bank Of Canada dropped their price target on Faroe Petroleum plc from GBX 120 ($1.46) to GBX 100 ($1.22) and set an outperform rating on the stock in a research report on Thursday, August 11th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Faroe Petroleum plc currently has a consensus rating of Buy and an average target price of GBX 99.09 ($1.21).

Faroe Petroleum plc (LON:FPM) opened at 81.325 on Tuesday. The company’s 50-day moving average price is GBX 69.49 and its 200 day moving average price is GBX 70.08. The firm’s market capitalization is GBX 218.77 million. Faroe Petroleum plc has a one year low of GBX 42.50 and a one year high of GBX 82.00.

In other news, insider Graham Stewart purchased 520 shares of the firm’s stock in a transaction on Friday, September 30th. The stock was purchased at an average cost of GBX 72 ($0.88) per share, with a total value of £374.40 ($456.31).

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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