The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
PFC may have had a few good days, however the monthly increase of 22% lags that of Wood Group (WG) now up 38% over the same period.
If PFC was to match the same percentage increase it would stand at over £1.40 today, it's possible this share is in catchup mode with the rest of the sector (as neither PFC or WG has made any significant announcements during the same said period).
Still holding my breath on a major ADNOC win but my lungs can't hold out much longer.
Zacks Investment Research upgraded shares of Petrofac from a “sell” rating to a “hold” rating in a research note on Friday. JPMorgan Chase & Co. boosted their price objective on shares of Petrofac from GBX 160 ($2.08) to GBX 170 ($2.22) in a research note on Thursday.
Exane BNP Paribas upgraded shares of Petrofac (OTCMKTS:POFCY – Get Rating) from a neutral rating to an outperform rating in a research report sent to investors on Friday morning, The Fly reports. The firm currently has GBX 140 ($1.84) target price on the stock.
https://www.etfdailynews.com/2022/04/11/petrofac-otcmktspofcy-lifted-to-outperform-at-exane-bnp-paribas/
https://www.oilfieldtechnology.com/drilling-and-production/07022022/petrofac-signs-first-major-om-contract-in-india/
Petrofac have been awarded two new contracts with Cairn Oil & Gas, Vedanta Limited, India's largest private oil and gas exploration company. With a combined value of approximately US$100 million, the wins include Petrofac's first significant Operations and Maintenance (O&M) contract in-country
Katsu - I'm getting this: The shares needed for this have already been set aside for something else. This might be for a sale you have instructed, or for another corporate action.
and no option to select either box (just greyed out)
Don't blame you..... I think it's old news being rehashed given the potential strong financial status of the company: https://www.independent.ie/world-news/petrofac-facing-400m-legal-fight-over-bribery-allegations-37803273.html
I was responding to the previous post.
Innsworth unfortunately do have a strong history of pursuing these kind of claims, with a recent history against Oracle & Salesforce: https://uk.topclassactions.com/privacy/oracle-salesforce-hit-with-class-action-lawsuits-over-online-ad-tracking/ probably motivated by the prospect of Petrofac being cash rich following the offer.
We must appreciate that there are always bumps in the road with any recovery, however with institutional investors now purchasing (albeit the lower £1.15 share price) that shows market confidence.
It would be highly unusual for the share price to drop below the offer price, even with one of the exceptions: IAG, after an initial dip it still climbed up 50% within a month of the offer being accepted.
Clearly nobody wants to wake up to a 20% drop in share value, however the key to growth is in profitability which equates to a dividend. Once a dividend is payable there is a whole new interest in the company which will in turn mean an upturn in the share price.
So although there is a dilution in shares, unless profit and dividend return the shares may well have languished for some time, whilst now we have a solid base for growth: No SFO/No debts/Board who can now focus on growth.
You often have to take a step back before moving forwards and that's how I see today.
It states 'TBC' on the company site: https://www.petrofac.com/investors/financial-calendar/
It has historically been released in August, we do live in different times and I understand from previous posts that the expectation is for the half year results will be released by the end of Oct (so this week).
Maybe the reason that the Board are taking a little longer than expected to release the half year results could be to announce the removal of the ADNOC suspension.
A suspension shouldn't take to long to lift now that the obstacle of the SFO investigation has been concluded.
Still no time for today's case, however you'll find the listings here: http://xhibit.justice.gov.uk/southwark.htm
Petrofac sentencing in bribery case postponed to Oct. 4
LONDON, Oct 1 (Reuters) - The sentencing in a London court of British oil services group Petrofac over charges that it failed to prevent bribery in Iraq, Saudi Arabia and the UAE has been postponed to Monday, a court spokesperson said in an email.
The court listings are updated at 10am and can be found here: http://xhibit.justice.gov.uk/southwark.htm