Petrofac Limited (PFC.L) shares have fallen significantly from the most recent highs of 394.6p. Will it continue, or is this an opportunity to pick some up?

• A return to previous highs would represent a rise of 146%. Now at 159.86p (at time of writing).
• This is one of the biggest fallers of late.
• Traders should consider whether it is down for good reason, or is this another over-reaction?
• Bargain hunters should be mindful of fundamentals and events, which can influence price action. Check our website and news outlets for updates.
• Shares -67% from 12-month highs; +-3% from 12 month lows.

Latest News

08:23:  Petrofac said that its Petrofac Emirates joint venture has had two recently awarded contracts for the Dalma installation terminated by Abu Dhabi National Oil Company (ADNOC).

09 Apr:  UBS reiterates its neutral rating on Petrofac Ltd (PFC) and reduced the target price to 210p (from 400p).

07 Apr:  Alastair Cochran, Executive Director, bought 37,749 shares within the firm on the 7th April 2020 at a price of 213.17p. This Director currently has 132,267 shares.

06 Apr:  Petrofac, the oil services group, said it had cancelled its 2019 full year dividend as part of cost savings to help it withstand the coronavirus pandemic.

02 Apr:  Rene Medori, Chairman, bought 10,020 shares within the firm on the 2nd April 2020 at a price of 199.60p. This Director currently has 38,649 shares.

26 Mar:  Credit Suisse reiterates its neutral rating on Petrofac Ltd (PFC) and reduced the target price to 200p (from 390p).

Source: Bloomberg, Reuters, Alpha Terminal, FT, DJ Newswires

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