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Yes and some chunky buys too. Likes of Snapper and aliases can disappear too.
Suspect shorts will start to close positions now realising PFC is not heading towards administration or share dilution.
This is going back towards £1 sooner than expected.
Two million more buys than sells. Don’t understand why this is not breaking out towards 50 pence
Daz423 - this is strange because there have been more buys than sells All day so far!!!
CaptNemo
Thanks. Shorters will are being forced to close as the price is rising. They have to close to avoid further losses additionally because they want to close due to end of financial year by 31st December.
It’s really going to be interesting to see how high this ends close of play this Friday.
I suspect shorters will not have sufficient shares to buy back so this will continue to rise at least until close of business on Friday 5th January- yippee about time we profited from their criminal behaviour of shorting this stock All the way down. Now this can go All the way up:)
Oh boy shorts are only down by a small margin from 9.86%.
PFC is going sky high as obviously they are struggling to reduce lol.
Daz423 - many thanks. I believe balance sheet will be solidified not by share dilution but by other significant big investors in exchange for seat on board.
Snapper still hasn’t returned under his Snapper alias- lol.
Daz423
It will be great if PFC start paying dividends- share price will rocket.
Grateful if you can elaborate or point to source when PFC said this. I am sure this will help to reassure those who have doubts about PFC being massively under priced right now.
Beware of snapper- it’s known people on institutional payroll often have aliases.
Not safe from such derampers.
Mrminster
Let’s hope you are right because if this goes towards 50 pence these shorters are going to be forced to close their short positions. If that happens this share price has potential to go towards £1.
In the addition if we get favourable news then who knows how further high this could climb.
I am not complaining but surprised to see this much rise in share price because shorts have increased not decreased.
Why is this?
Is there any website or source whereby we can check live shorting positions?
It would be great to have this information live because this will help us private investors to deduce which direction share price is likely to move ie up or down.
The Petrofac (LON: LON:PFC) share price went parabolic on Wednesday, leading to one of the biggest short squeezes in London this week. The stock surged to a high of 37.25p, its highest point since November. At its peak, the stock was up by more than 150% from its lowest point this year.
Petrofac trading statement
Petrofac is a company in the energy sector that builds offshore and onshore projects. Over the years, the company has handled over 200 major projects, mostly in the North Sea and in the Middle East. In July, it received a huge order from Abu Dhabi.
Petrofac has been the most shorted stock in London recently. Data compiled by Research Tree shows that it has a short interest of 14.3% and more investors are actively shorting it as the volume rose by 5.4% this month.
Short-sellers have been highly rewarded as the stock has plunged by more than 64% from its highest point in 2023. This crash has brought its total market cap to more than 162 million pounds.
The Petrofac short squeeze happened after the company published its trading statement and a major contract win. In a statement, the firm said that it expects to make over $2.5 billion in revenue. Its EBIT loss for the year will come in at minus $180 million due to a $110 million one-off write-off. It also has a huge order backlog of over $8 billion, a record. The CEO said:
“We are completing contracts in the legacy portfolio as planned, we continue to deliver well in the initial phases of the contracts awarded in 2023, and, as a result of excellent order intake, we enter 2024 with a high-quality backlog in both traditional and renewable energy.”
Petrofac share price also soared after the company and Hitachi Energy announced a new contract with TenneT, a company that operates the Dutch-German Transmission System. The deal will see the operator expand its wind capacity in the North Sea.
Petrofac will be involved throughout the project. Specifically, the company will do engineering, procurement, construction, and installation of offshore platforms and other parts of the onshore.
As inflation and interest rates start falling, there is hope that the company will receive more contracts in 2024.
Petrofac share price forecast
PFC chart by TradingView
The PFC share price formed a small double-bottom pattern at 16.78p in December. In price action analysis, this is one of the most popular bullish signs, which also explains why the stock had a short-squeeze. That squeeze pushed it to test the 50-day Exponential Moving Average (EMA) on the daily chart.
I suspect that the upward push could continue in the coming months as bulls target the key resistance point at 45.54p, the lowest point on March 29th. If this retest happens, there is also a possibility that it will resume the bearish trend as the hype eases.
Snapper- where are you pal? I assume you are about to jump in soon to deramp this great company.
Hi Snapper- I thought you would know the answer to this, “(Bond is Up) What’s are the positives and negatives of bonds been up by 4 %?
What’s are the positives and negatives of bonds been up by 4 %?
Rock / everyone - can you please copy and paste this report ? Many thanks
Snapper- jokingly hope you didn’t sabotage this to bring PFC further down?
Thanks
Is there a cut off date for these shorters to close their positions?
Everyone on these boards knows snapper is on payroll to post negative posts to drag down prices for shorters lol.