Faroe Petroleum (LON:FPM) was upgraded by equities research analysts at Barclays to an “equal weight” rating in a report released on Thursday. The firm currently has a GBX 185 ($2.42) target price on the oil and gas exploration company’s stock, up from their previous target price of GBX 160 ($2.09). Barclays’ price target suggests a potential upside of 21.39% from the company’s previous close.
Other research analysts have also recently issued reports about the company. Peel Hunt reiterated a “buy” rating on shares of Faroe Petroleum in a report on Tuesday, August 14th. Canaccord Genuity reiterated a “buy” rating and issued a GBX 190 ($2.48) price objective on shares of Faroe Petroleum in a report on Tuesday, November 27th. Jefferies Financial Group reiterated a “buy” rating and issued a GBX 190 ($2.48) price objective on shares of Faroe Petroleum in a report on Monday, October 22nd. Finally, BMO Capital Markets upped their price objective on Faroe Petroleum from GBX 156 ($2.04) to GBX 160 ($2.09) and gave the company an “outperform” rating in a report on Friday, August 17th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Faroe Petroleum has a consensus rating of “Buy” and a consensus target price of GBX 171.71 ($2.24).
FPM opened at GBX 152.40 ($1.99) on Thursday. Faroe Petroleum has a one year low of GBX 74.50 ($0.97) and a one year high of GBX 116.80 ($1.53).
About Faroe Petroleum
Faroe Petroleum plc, an independent oil and gas company, engages in the exploration, appraisal, and development of oil and gas fields in Northwest Europe. The company has interests in the Trym, Tambar, Ula, and Ringhorne East fields in Norway; and Blane oil field in the United Kingdom. As of January 1, 2018, it had proven and probable reserves of 114.1 million barrels of oil equivalent.
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