Faroe Petroleum plc (LON:FPM) was upgraded by equities research analysts at Barclays PLC to an “overweight” rating in a research note issued to investors on Monday. The firm currently has a GBX 115 ($1.50) price target on the oil and gas exploration company’s stock, up from their prior price target of GBX 110 ($1.43). Barclays PLC’s price target indicates a potential upside of 33.72% from the company’s previous close.
A number of other equities research analysts also recently weighed in on FPM. Jefferies Group LLC reduced their target price on Faroe Petroleum plc from GBX 142 ($1.85) to GBX 125 ($1.63) and set a “buy” rating on the stock in a report on Wednesday, May 17th. Peel Hunt reaffirmed a “buy” rating and issued a GBX 115 ($1.50) target price on shares of Faroe Petroleum plc in a report on Wednesday, June 21st. Finally, Macquarie reduced their target price on Faroe Petroleum plc from GBX 117 ($1.52) to GBX 110 ($1.43) and set an “outperform” rating on the stock in a report on Wednesday, June 21st. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of GBX 114 ($1.49).
Faroe Petroleum plc (LON FPM) opened at 85.25 on Monday. The firm’s market cap is GBX 310.76 million. Faroe Petroleum plc has a 1-year low of GBX 60.50 and a 1-year high of GBX 115.00. The firm has a 50-day moving average price of GBX 82.97 and a 200-day moving average price of GBX 95.14.
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In other Faroe Petroleum plc news, insider Roger Witts sold 17,319 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of GBX 93 ($1.21), for a total value of £16,106.67 ($20,983.16). Also, insider Graham Stewart bought 456 shares of Faroe Petroleum plc stock in a transaction on Wednesday, June 28th. The stock was acquired at an average cost of GBX 82 ($1.07) per share, for a total transaction of £373.92 ($487.13).
About Faroe Petroleum plc
Faroe Petroleum plc is an oil and gas company. The Company is focused on exploration, appraisal and production opportunities in Norway and the United Kingdom. Its portfolio consists of approximately 60 exploration, appraisal, development and production licenses in the West of Shetland, the North Sea, Norwegian Sea, Barents Sea and the Celtic Sea.
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