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.

A lot of blue chips have pulled back....POG, HOC,HOIL,DGO to mention some....if oil and gold turn around again these and Petrofac will rise again....market overall has done very well as of late so a little pullback was bound to happen, nothing goes in straight lines...we must just hope there is not another crash around the corner (it doesn't look like it)....good weekend all !.

am looking for (at least?) another 100 point retrenchment on FTSE to a little below 5000

You might not get it...might stabilise around this mark for a couple of weeks....I think that this year we will get a christmas advance but at what point is just guesswork...

cynic we agree stats from US and elsewhere not good enough to justify any further advance for the time being.ioho.

"The Government is investigating a tax loophole that has allowed the North Sea oil industry to avoid paying hundreds of millions of pounds in national insurance contributions, the Times has learnt. The scheme, which has been exploited for years by scores of companies, including the FTSE 100 oil services group Petrofac, is depriving the Treasury of as much as 70 million a year, according to estimates from one of the worlds biggest accountancy firms."

PFC. (and some other in the sector) SPs unaffected so far.

clearly it was a legit loophole so nothing claimable by the gov't retrospectively ..... meanwhile, companies are likely to change their domicile or similar if gov't is going to get stupid

Superb results today. Still not expensive on fundamentals imo and dividend increase a bonus.

A spot of Director selling today which doesn't happen very often with these.. we all have living expenses so nothing unreasonable about that.

bought yesterday morning and with such a tasty profit already, and with sp perhaps getting ahead of itself, it was just too tempting ..... the bank manager will be pleased

And some more sold today: Michael Press, a Director of the Company, sold 120,000 ordinary shares of US$0.025 each in the Company (the "Shares") at 1173.65 pence per Shareon 11 March 2010.

Breakout.

it really is a first class company in the right sector ..... i haven't held it for some time, as can't determine what might be fair value ...... wish they'ld take out LAM though!

Nice bit of profit taking at 14.20 by the boy Chedid the other day I see -):

Am I the only one trading this beauty then?

not now .... having neglected this gem for quite a long time, i have just bought in again ...... figures as usual were top class, but sp is quite a lot off its all-time highs ..... very unlikely to be a firework stock, but should certainly remain a very good performer for the foreseeable future

this won't hurt either ...... Petrofac started with buy rating at Investec, target price 1705p

http://www.moneyam.com/action/news/showArticle?id=4182050

Another few bob in the old bread basket.

Trading update being well received so far by the market..Up over 2% at the mo.

This is one company that I am pleased to hold in these uncertain times.

Questor share tip: Worth tapping into Petrofac as profit forecasts grow




Garry White, 7:06, Wednesday 14 December 2011

Oil services group Petrofac yesterday upgraded its net profit growth guidance for the full year to 20pc from 15pc.

Petrofac 14.43 +70p Questor says BUY

This was largely priced in. Analysts had already expected that the group would beat this target, although the upgrade is slightly above analysts' expectations.

Petrofac designs and builds oil and gas infrastructure, trains oil field staff and maintains facilities. It also invests alongside producers in oil fields.

The company's stated aim is to more than double 2010 group earnings by 2015 and yesterday's update has shown that things are on track. Petrofac's order book has edged lower since its last update. It is expected to be $10.6bn (6.8bn) at the year end, compared with $11.7bn at the end of December 2010. However, this followed a massive order in Turkmenistan at the end of last year worth $3.4bn.

The group has a strong pipeline of new opportunities at its engineering, construction, operations and maintenance unit and its integrated energy services division. The company has highly skilled technical staff and is well placed in locations such as the Middle East to bring these skills into partnership with national oil companies (NOCs). Also, the company won two onshore production-enhancement contracts in Mexico, where the group will help increase recovery from existing oil fields. In all, three contracts were tendered by the Mexican government, with Schlumberger (NYSE: SLB - news) winning the other contract. More tenders are expected next year.

Petrofac now expects to end the year with about $1.3bn in cash. About $400m of this is money that clients have advanced. Although the business is investing for growth, Tim Weller, chief financial officer, told Questor yesterday that the group expected to remain in a net cash position for the next few years despite this investment.

Shareholders shouldn't miss out too. The company's stated dividend policy is to pay out 35pc of net income. With revenues and profits rising over the next few years, this would imply the dividend will grow sharply. The shares are currently yielding a prospective 2.7pc in 2012, rising to 3.3pc in 2013.

Petrofac shares are up 208pc since the first recommendation on March 10 2009, at 468p, compared with a market up 47pc. The shares have been rated a buy as high as 14.10, which is below the current share price.

The above gain excludes the shares of EnQuest (LSE: ENQ.L - news) , which was demerged from the group and combined with some of Lundin's assets in April.

Shareholders should have received one share in EnQuest for each share in Petrofac they owned. These are worth 90.1p apiece.

The City is resoundingly upbeat on Petrofac's prospects, with the average price target of the 13 analysts monitored by Bloomberg being 17.40.

The shares remain a buy.