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Me too.
I bought just under 50000 Tuesday morning between 140 and 142. I couldn't believe Genel's 137 SP over the bank holiday weekend, way too tempting.
Sentiment seems to have turned positive again, and hopefully we'll get the rest of the outstanding March payment shortly to keep the momentum going.
Thanks for the charting and commentary by Boyobach, and straight talking by Bunks, amongst others, both of which influenced my decision to move across from Petrofac.
A dozen off book trades of 100000 shares or more today. Very interesting. Please excuse any dodgy formatting below, copy and paste job.
DT
tradeTime currency price volume Trade Value type
15:35:59 GBX 144.5 533567 771004.315 Off-Book
14:05:48 GBX 147.254 350000 515389 Off-Book
13:59:53 GBX 147.845 250000 369612.5 Off-Book
13:51:17 GBX 147.421 250000 368552.5 Off-Book
13:32:55 GBX 148 250000 370000 Off-Book
11:40:32 GBX 147.785 250000 369462.5 Off-Book
15:06:47 GBX 145 226041 327759.45 Off-Book
08:54:56 GBX 147.7 180979 267305.983 Off-Book
08:55:13 GBX 147.7 180000 265860 Off-Book
10:04:54 GBX 147.985 148000 219017.8 Off-Book
10:44:05 GBX 148 123252 182412.96 Off-Book
14:17:24 GBX 146.44 100000 146440 Off-Book
chunky trade just went through:
14:56:43 147.50 450,000 Buy* 147.10 147.50 663.75k
I’m more optimistic. We rose from 130 to 145 on no news last week, in the face of a nervous and paranoid market.
A lot of short term profit takers / traders from the 91 - 100 levels will have long departed the scene, with new money coming in. The macro issues are always there, whether it’s Gaza, North Korea, Inflation, Brexit, Scottish Independence, etc. There’s always something that people get their knickers in a twist over. Petrofac is still in the recovery phase after a triple whammy of bad news since January (Lufkin / UAE / COVID results). It’s possible we could see £2 before any SFO closure, which could happen soon after the Lufkin hearing next month. £3 by the end of June?
Sentiment rules the stock market, and investors will be licking their lips after looking at our chart and the dramatic reduction in shorts. This post may sound a bit rampy, but I’ll stick my neck out 150 tomorrow and say 160 next Friday.
DT
Yes Paddyboy, I nearly topsliced too. I just have to keep reminding myself each additional 10p is £5k pure profit!
Closing price on 14/5 is 145. Synchronicity.
No change in the shorts yesterday. What a great week!
DT
Yes, WorldQuant reduced by 0.11% yesterday, and are now at 0.57%. Overall reportable shorts 2.82%.
Decent 140000 share buy / £200k, 90 seconds before the close
Come on 140, let's have you!
Not been there since January.
Closer to 150 than 120. Happy days.
sorry, posted already.
A second news story is on the PFC site this morning, in addition to the BP contract. An LPG project for OQ has been commissioned in Oman.
https://www.petrofac.com/en-gb/media/news/oq-lpg-facility-commissioned-in-salalah-1/
Have a look at 4thtiger's posting history in PFC. Almost entirely negative. Each to their own but I think now would be a good time to close any outstanding short. Just ask Blackrock.
I actually think the SP is holding up nicely, given the current low volumes. These are the times that the price is often manipulated downwards. Any whiff of good news - new contract or positive SFO news - and this flies.
DT
Worldquant down by 0.09% to 0.67%. Total notifiable shorts 3.71%.
I agree. It's bounced off 134 three times since the UAE news in March, but I think we'll push through next time to the 150's.
Theres no obvious news due until the Lufkin mention hearing on 21st June, so hopefully we have 7 weeks of price appreciation to look forward to.
DT
Ha, well £4 / share would make me £170k. So yes please.
DT
Yes I expected a drop too, so I'm very happy with this mornings performance.
With 2020 results out of the way, and barring no more unpleasant surprises, I'm expecting a gentle return to the 150p+ levels. With SFO closure...well who knows. 250p?
Thanks Slift, a very worthwhile read.
Also, Capital Fund have only increased to 0.51%. They could have been sitting at 0.49% for months and never had to notify, as they were below the threshold.
Great news that Blackrock have reduced further. Follow the smart money. BUY !
Please excuse caps - copied. DT.
SOCGEN RAISES PETROFAC TO 'BUY' ('HOLD') - TARGET 167 (107) PENCE