On 3rd July PFC announced that it was trading well ahead of expectations. Not surprisingly, sp jumped but has now fallen back pretty much to the same level as before the announcement.

While perhaps not as exciting as finding the next Cairn, remember that in the goldrush days, it was rarely the prospectors who made the money, but rather the suppliers of the spades and tents and stuff - e.g. Levis if memory serves me aright.

Really got some go this one, Robbie Burns been tipping this one for some time now.

so has this acerbic old fart! ..... confess Rabbi Burns (anglicised Berenowski) is unknown to me, except as a learned contributor to the debates within the Talmud.

don't know why the marker line i put in has moved .... was actually set at about 531 which was the old all-time high ..... that potential resistance has now been well and truly exploded!

new contract

Robbie Burns see www.nakedtrader.co.uk, well worth a read as he has loads of
experience.

so do i .... especially in how to make a small fortune (from a large one)

i am currently neutral to slightly o'weight here, but am very tempted to add ..... if you want to wait for a bad day or two before buying then look for a level of 515/530 .... chart shows why

i should have done, but that would have been quite greedy ...... this one is flying, probably just through the realisation that this top class company is almost certain to pick up swathes more business as (more) marginal wells become economic once more .... or just possibly, though unlikely, someone has targetted PFC for t/o

Me too. Always the way when there's momentum behind it - but probably still cheap.

when i bought at 519 i was already slightly o'weight, so buying more is a questionable move

From the Sunday Times article, 25 Ways to make a profit:

"While many analysts think the surge above $100 will be shortlived, oil company projections are still based on crude at $50 � and some small exploration firms look to be a particularly good bet... Gavin Oldham at The Share Centre, a stockbroker, backs Petrofac which designs, builds and operates oil and gas facilities."

Full article (which also includes reference to Aminex, as already posted on that thread):
25 Ways to Make a Profit - from The Sunday Times

Why the big drop today ?

downgrade by Merrill ...... if you are a fan of this company, then this is arguably a good time to buy ..... risk is in the general market conditions

herewith ....

Merrill Lynch has cut its rating on Petrofac to 'neutral' from 'buy' on valuation grounds, according to dealers.
In a note to clients this morning, Merrill said Petrofac has enjoyed a substantial re-rating since the beginning of the third quarter of last year.
The shares are up about 30 pct since October, outperforming both UK-based peers Wood Group and Expro International and the broader FTSE 250 market, the broker noted.

Clearly, it said, the market has been prepared to reward Petrofac for its superior project execution, leading to significant earnings upgrades; as well as steady progress in the development of its oil & gas production portfolio and new contract awards.
While Merrill said it expects some additional contract wins and news flows on the development of the Don SW and Chergui fields, it does not see enough to move the needle on valuation.

Petrofac now trades on 18.5 times 2009 earnings, ranking as the most expensive stock in Merrill's coverage.

Thanks Cynic !

have just topped up by 50%

Already in, staying put.

Luckily sold the other day, dropping like a stone !

RF your timing is great, well done. mine is more believable. believably wrong that is. im still watching and still waiting for an opportunity to buy back in.
best regards to you and all on this thread.
jkd

Thanks JKD, many a time I don't get my timing right, but I'm now back in, even if it drops back a little I still think this will go back to the 550's sooner or later.

They say : never catch a diving knife, but sometimes you have to because this one when it goes up : it goes up...!