Will the Petrofac Limited (PFC.L) share price break beneath the 387p support zone, or will we see a return to highs of 455p (+16%)?

• Currently trading close to the key 387p support at 390.8p (at time of writing).
• The support has proven reliable until now. Will the price rebound again?
• As always, traders should be mindful of stop-loss placement.
• Will the shares bounce again to recent highs at 455p? (+16%).
• Shares -30% from 12-month highs; +2% from 12 month lows.

Latest News

26 Nov:  Barclays Capital reiterates its overweight rating on Petrofac Ltd (PFC) and reduced the target price to 600p (from 670p).

20 Nov:  Petrofrac, the oil service company, announced that it will takeover US onshore maintenance and operations specialist, W&W Energy Services. It will cost $22m initially, plus ongoing performance-driven payments.

28 Oct:  Morgan Stanley has downgraded its rating on Petrofac Ltd (PFC) to equal weight (from overweight) and reduced the target price to 480p  (from 500p).

07 Oct:  Alastair Cochran, Executive Director, has transferred in 16,904 shares in the firm on the 6th October 2019. This Director currently has 84,111 shares.

07 Oct:  Alastair Cochran, Executive Director, sold 7,957 shares in the firm on the 7th October 2019 at a price of 382.90p. This Director currently has 76,154 shares.

03 Oct:  Rene Medori, Chairman, bought 5,085 shares in the firm on the 2nd October 2019 at a price of 393.30p. This Director currently has 23,549 shares.

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

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