Member Info for RealitBites

I filtered Q and poke fun at him as his posts were idiotic.
Blaming others on a chat board for him investing and making a loss.
Who in their right mind invests money in a share based on random comments from unknown people, most of whom will be on the board as they have shares?!
How many people write DYOR (do your own research). If money is tight or you need it, don't risk it in the stock market and if you do, understand what you buy and the risks.

Admittedly, some make crazy predictions on here. I've called out a few and refrained from making many.
I was wrong about how low it could go and the refinance.
But other than point out this is a long term investment for me and that I expect multiples if I stay invested for a couple of years, I have not made any such claims.

I pointed out many moons ago, the risk of not picking up work quickly and that it'll take a wee while to turn the accounts around. I considered selling up and giving it another 6 to 12 months before putting it back in for that reason, but chose not to bother. Perhaps I should have trusted my instinct back then and I could have made a wee bit more in the long term, but hey ho. I'm not bitter like Q was.
His rants reminded me of the first few episodes of squid game and wondering who he owes the money to and whether he had this one pegged as paying for his daughters christmas presents.

I am still very happy that I invested here and with the relatively low average price I've paid.
My target exit is maybe around 2025, so any dip for now is totally irrelevant and I really do expect the RNS light to flash up a few times in the not distant future with good news which will see this take big jumps up.
When that will be? Who knows, but I couldn't care if it is tomorrow, June 2022 or January 2023.

GLA

Lol.
Eecallgumb, Quetta, stop speaking rubbish on this board, you have cost me so much money!
I believed in the stuff you came on saying over and over again, This share was going to tank and be 9p/70p.
I shorted this heavily and now have to sell my childrens toys to pay it back.
I am so annoyed with you as you have lost me all my money!
I warn everyone, don't listen to the people on this board!
;)

I'll confess Maverick. I also find some of their posts frustrating.
Some of these guys are getting paid well over the odds (well into the six figures) yet weren't performing on so many levels.
Some significant pay cuts and changes at middle management level might help improve outlook dramatically.
Hopefully that's part of the $250million savings they were aiming to make and new CEO has a better grip on finances.

Hoped to see more wins by end of this year, but shouldn't be surprised given my knowledge of the bidding process and the time it takes to go from EOI to contract. They'd already have been ruled out of a few being finalised up 'til now.
2022 is the year for recovery as the analysts predict. A return to profit and slow build-up of backlog as the year goes on will do just nicely. 12-18months targets are mostly up towards the £2 level from my most recent research.

Lol. I guess that one came from one of the people I've blocked.
That's a belter that is! What has Ukraine got to do with PFC, they have no work there as far as I know?!
And given they have signed an MOU with a Russian major, if anything it would be a minor positive.
Albeit, most oil work for Ukraine is in Crimea, which is already under Russian control.
Which genius deramper posted that and did they give you an answer that made any sense?

Frustrating day (week in act) for me, PFC held up slightly better than the other oil services stocks thankfully.
Pound sliding V dollar also won't be helping at the mo.
Wish COVID would do one finally but feeling like it is going to be a constant pain in the butt for next couple of years.

JG, also think the update will be weak given the size of recent awards v backlog burn rate. But hopefully not too much reaction as we've seen a lot of resistance to go below these levels and predictions are for a 2022 recovery in the main. We still need some contracts to come in and fill backlog for that to happen though....or UAE taking them off the naughty boy list.
Fingers and toes crossed!

A song for Jenks, Quetta et all....

The analysts uprated two by two hurrah, hurrah,
The analysts uprated two by two hurrah ,hurrah,
The analysts uprated two by two, the JP Morgan and Jeffries too,
And they all bought into the fac, for to get out, of the rain....dum dum dum

JPMORGAN RAISES PETROFAC TO 'OVERWEIGHT' (NEUTRAL) - PRICE TARGET 160 (170) PENCE

Crikey, is he still hanging about? I presumed he'd have sold out by now!
He told me it was going to £1, so I sold all my stock and am now soooooo annoyed that I listened to him! hehe
Give me strength!

Tempted to go to my bank and ask for £150 mill to mount a takeover bid and buy Asfari out! lol
Reckon I could turn this lot around in no time and point them where they need to go hahahaha
At these prices it's a steal!
Anyone game for joining me?!

No, I can see the wider context.
My own thoughts are pure speculation from a non expert, but I still feel comfortable with where we are right now.
Limited downside as we've seen by the fact it hasn't gone that far down. Still huge upside potential in mid to long term as I have said time and time again.

I don't believe the placed shares are in play since it went below 115. Those taking them will be holding for a better price.
But think some selling of those dragged it down towards the 115 figure before COVID 2 struck. At which point, selling of shares in funds like FTSE and oil will have taken it below that level.

As for 3 weeks, there was just over 100million shares placed at 115. Daily average volume of 3million, meaning even if those were being sold every day, it would take well over 30 trading days to sell them all. And that's assuming all trading was of the placed shares, which they obviously aren't. A good portion of that is traders like y11 doing nothing productive other than amplifying the volatility while believing they are some god like genius and masters of the markets! lmao

There's also a lot of people in O&G sitting idle due to being paid off during COVID and they need money. Some will be selling to get by, especially in run up to Christmas. In fact, that's probably market wide. If people take money out of the market to live, there's less in it in general and the prices have to drop.

Petrofac still have some rebuilding to do. They have debt to pay off and need to start bringing in the contracts to build backlog and have the cash to do so. As yet, we are still waiting for that to happen. But no surprise as COVID 2 will be delaying many of those awards again.

Asfari's new company may not have helped matters either (annoyed by him!). I had hoped Petrofac would pivot towards some of the activities his new company is set up to do. But not all thankfully. There's still a huge win to be had projects like methane reduction and electricfication of O&G assets, in hydrogen (or other efuels) also. But those are just on the drawing board at the moment and will start to turn into real work in coming years.

Disappointed yes, duped, not really.
All is not lost and LOTS to play for.
Time will tell for the patient of course.

Great isn't it Nacho!
It took me a while to start using it, but some of the comments were just winding me up.
Jokers with an axe to grind or constantly talking this share down or more interest in playing the rollercoaster and boasting.
Can't be bothered with that at all!
I am in here for the long haul, so the rubbish they were speaking makes no odds to me.

Placing bought up by reputable firms, shorts closed, shares on loan reducing, analysts all have buy or hold ratings (all the sell ratings have vanished) and very healthy 12-18month (which is actually short term compared to what I plan to be in here for) targets compared to my average.

Onwards and upwards and hopefully a continuation of this mornings rise.
We just need a few more chunky contract win RNSs and we'll be ticking back up again.
Next accounts will hopefully show a return to profit, despite a likely drop in revenue in the near term (unless a few more contracts and backlog increasing in next month or so).

2023 dividends and then you never know, this could even climb back into the FTSE 250 which will see another jump.
I believe if we hold tight, we will be well rewarded over next 2-3 years.

Well done Paddyboy. I haven't seen their side but it was obvious from your tone they were just trying to get under your skin.
I see lots of green boxes these days, but all the better for it.
Don't rise to them. It's all they want really. Not worth the hassle

Snapper you're back.
You never did answer my question as to whether Petrofac sacked you or if you left of your own accord?

I see Q must be back. Wish I could filter all mentions of his name and not just his posts.
Wonder if he is threatening to sue as all by this point! lmfao!
He was a belter him! "I did my own research, I listened to the people on here and was too greedy and impatient to take what I had or wait for sunnier times! It's your fault, I am so mad and I hate you all!!!!!

And now we have Jenk1952. And wowsers, a belter he/she is.
Checks that posting history. All you seem to do is moan about your losses and bang on about shares being doomed.
No wonder you sound so bitter. Must have been a tough year or two and guessing your pension income (assuming 1952 is year you were born but could be wrong) has shrunk considerably due to all the falling shares you have invested in, the O&G sector being hammered to go green and all the COVID carnage!

I don't particularly care whether I am down slightly at the mo. Or that I could have held out and got these a tiny bit cheaper.
Even my mum (who is not interested in the stock market) reminds me and my dad that you only lose if you sell when it is low. Which is why I never place bets with money I will need anytime soon. Instead going very long and giving myself the ability to sit it out and wait. I remember an ex work colleague who bought Nokia after hearing me speaking about it and later moaning as he was too impatient and took a loss. Meanwhile I sat still until Microsoft bought them out and ended up making a good few quid on my ones.

So unless some new disaster comes out of the woodwork, there's no reason (for me at least) to sell my PFC holding anytime soon.
New contracts will come, it is just a matter of time I believe. And once a few come in and faith is restored in some jittery previous investors and funds, there's significant upside to be had at demand for this stock picks up. Especially if we see good results next year and announcement of dividends again the following year.

Downside is always a risk with shares. Guessing not many saw COVID the sequel coming the other day and the subsequent drop. But there are much worse shares to have been holding when that struck.
Petrofac will continue to service O&G market for a while yet, even through COVID. The rigs don't stop producing and they need the O&M guys Petrofac have. E&C will slow if it turns out to be a bad variant, but that will just mean even more of these rigs need major work once things return to normality.

To infinity and beyond!!! lol

Like I told yer pal Quetta, sell up, shut up and go find a new stock to lose money on ;)

It's a fair question. One that I brought up a while back.

Typically the tenders ask about any such charges in past X number of years. So for the next X years, there's a cloud hanging.
My take on it....
Had the charge been actual corruption, it would have been a big deal and they'd be unlikely to get any work for a while.
But the charge wasn't. It was failing to prevent rogue individuals within the company from misbehaving.
Those individuals have been sacked.
The company has new management and tighter procedures to avoid any such thing happening again.
SFO investigated for over 4 years!!!! and found no wrong doing by the company or any signs of such things going on today.
As such, there's a much higher chance of it being looked upon favourably.
Basically, they had a problem and they fixed it and improved the company as a result.

Also, some of their main competitors were also tangled up in the Unioil stuff.
So also have some explaining to do when asked this question.

Not ideal and indeed, some may not look at it the way I am.
But given the lack of experienced and skilled companies doing what they do, and all of the above, I think they will start picking up work again quite quickly. They just need to do a good job of explaining all of this in response to such questions.

Reserves aren't dwindling. 50 years of proven reserves around the world. OPEC sitting on plenty of the stuff and can open or close the taps to satisfy demand. Basically price fixing to support their own budgets and agendas.

That's a win for Enermech as a supplier to Petrofac, doesn't mean much for this share unfortunately.
Boring day today! So far anyway.

Looks like the yanks know something Q doesn't ;)

Agree Paddy, wishing I had more and have considered throwing my home insulation/heat pump fund into it, but I don't want to gamble money I have earmarked for stuff. Albeit, stuff I haven't actually got quotes for yet :D

I ask again, what kind of bad news do you expect Quetta?
SFO have stated they are done with Petrofac, hence the plea deal.
Have you sold your shares in PFC yet Quetta? Or is that the problem, did you sell at the bottom and hoping to buy back in?

Hovering over the filter button with this one. That could make it two in my green bin. I wonder how y11 is getting on in there! lol

So many things contributing.....you could speculate all day long as to why!

FTSE all share down (it tracked that quite closely on Friday), oil price down, lack of good news RNS, excess of shares being sold at 115.
Shorts closed, many buyers just filled the pot during open offer so less on the buy side. Some other buyers hurt by this in past, so cautious of it.
Also worth noting that like many sectors, ex staff and other holders may be suffering financially after COVID and may even have been paid off, so as a result, many selling investments to survive. A problem across the board for the stock markets.

Some might point to manipulation of course :)

What we need is a few big contract wins. Accounts a while off yet, but hopefully a return to profit in those will also be a big positive. If you just look at last set without knowing the history and current position, you could be forgiven for thinking this is a dodgy one, so some traders/investors might be put off by that.