PLAY24 Nov 2022 13:30
few things in play here. 99 is holding which is great and shorters have made their money from 125p which is always been a ceiling to break unless we have saudi contracts.
PFC, in general, o&G companies book are H2 heavy.
The fact that oil price was up for most of the year and limited exploration and funding puts added pressure on investment case. With Oil price being high, that must have resulted in contract awards.
Certainely the decemeber TU is one to watch as to which way PFC is heading.
ofcourse you will have debt, these lot are not producing so cant make money directly from oil price but only with contracts.
So more contracts means more resource needed, so more money.
this is bargain at 100p which ever way you look at it.
I hope somebody buys them out or merger would be ideal at these silly price.!!!!
its a buying opportunity for some