Jefferies Group LLC Reaffirms Buy Rating for Faroe Petroleum plc (FPM)

Jefferies Group LLC reaffirmed their buy rating on shares of Faroe Petroleum plc (LON:FPM) in a report issued on Wednesday. Jefferies Group LLC currently has a GBX 142 ($1.78) price target on the oil and gas exploration company’s stock.

Several other research analysts have also commented on the stock. GMP Securities reaffirmed a hold rating on shares of Faroe Petroleum plc in a research note on Wednesday, March 15th. Peel Hunt dropped their price objective on shares of Faroe Petroleum plc from GBX 120 ($1.51) to GBX 115 ($1.45) and set a buy rating for the company in a research note on Tuesday, March 7th. Canaccord Genuity raised shares of Faroe Petroleum plc to a buy rating and lifted their price objective for the stock from GBX 110 ($1.38) to GBX 115 ($1.45) in a research note on Wednesday, March 1st. Macquarie raised shares of Faroe Petroleum plc to an outperform rating and lifted their price objective for the stock from GBX 111 ($1.39) to GBX 117 ($1.47) in a research note on Friday, February 3rd. Finally, Barclays PLC lifted their price objective on shares of Faroe Petroleum plc from GBX 102.50 ($1.29) to GBX 115 ($1.45) and gave the stock an equal weight rating in a research note on Monday, January 9th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of GBX 106.13 ($1.33).

Faroe Petroleum plc (LON:FPM) opened at 91.50 on Wednesday. The company has a 50 day moving average of GBX 101.87 and a 200 day moving average of GBX 89.15. The company’s market capitalization is GBX 325.72 million. Faroe Petroleum plc has a 52 week low of GBX 59.00 and a 52 week high of GBX 115.00.

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In related news, insider Helge Hammer bought 385 shares of the stock in a transaction dated Tuesday, January 3rd. The stock was purchased at an average cost of GBX 107 ($1.34) per share, with a total value of £411.95 ($517.72). Also, insider Jonathan Cooper bought 6,689 shares of the stock in a transaction dated Wednesday, February 15th. The shares were bought at an average cost of GBX 111 ($1.39) per share, with a total value of £7,424.79 ($9,331.14). Insiders have bought 67,620 shares of company stock valued at $7,019,912 over the last three months.

About Faroe Petroleum plc

Faroe Petroleum plc is an oil and gas company. The Company is focused on exploration, appraisal and production opportunities in Norway and the United Kingdom. Its portfolio consists of approximately 60 exploration, appraisal, development and production licenses in the West of Shetland, the North Sea, Norwegian Sea, Barents Sea and the Celtic Sea.

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