Peel Hunt Reaffirms “Buy” Rating for Faroe Petroleum (LON:FPM)
Several other equities analysts have also issued reports on FPM. Barclays reissued an underweight rating and issued a GBX 145 ($1.89) price target on shares of Faroe Petroleum in a report on Thursday, August 16th. BMO Capital Markets upped their target price on shares of Faroe Petroleum from GBX 156 ($2.04) to GBX 160 ($2.09) and gave the stock an outperform rating in a research note on Friday, August 17th. Finally, Jefferies Financial Group reaffirmed a buy rating and issued a GBX 190 ($2.48) target price on shares of Faroe Petroleum in a research note on Monday, October 22nd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Faroe Petroleum has an average rating of Buy and an average price target of GBX 171.71 ($2.24).
Shares of FPM stock traded down GBX 1 ($0.01) on Wednesday, hitting GBX 152.40 ($1.99). The stock had a trading volume of 4,141,345 shares, compared to its average volume of 643,390. Faroe Petroleum has a twelve month low of GBX 74.50 ($0.97) and a twelve month high of GBX 116.80 ($1.53).
Faroe Petroleum plc, an independent oil and gas company, engages in the exploration, appraisal, and development of oil and gas fields in Northwest Europe. The company has interests in the Trym, Tambar, Ula, and Ringhorne East fields in Norway; and Blane oil field in the United Kingdom. As of January 1, 2018, it had proven and probable reserves of 114.1 million barrels of oil equivalent.
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