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.

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...!

Falling knife in this current market is very dangerous.

it's a damn good company, but that does not mean sp has bottomed

Looks like I'm getting my second chance to get in here.

Yes, I should have waited a little longer, problem is : can't watch it all the time, work to do, I have missed many a rise whilst at work, I might even double up if I can see the bottom, I still think we shall see this stock above 5 very soon (as long as oil prices don't drop too much.

Head and shoulders pattern here !

Well there you go, silly me, serves me right ! should have known better, drop looks overdone now !

Oilies taking a knock, I did sell quite a few a few days ago, should have sold them all, but there you go,,,,

Oh ! well done required field, perfect timing in coming back into PFC .

should be a dead cat bounce from here, looks overdone now in my opinion.

Recovering a little now, anyway you look at this it will outperform the market over the next 12 months

The way these oil stocks have dropped you would think that the oil price had come down by a third, and there was profit warnings across the board, quite the contrary.