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.

Finals on Monday, looking for an uplift in SP but profit taking a short term possibly as usual. Either way PFC is a winner for me.

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not inclined to sell ahead of the figures, though a dip is on the cards = selling on the news ... may even use that as an opportunity to top up, for it really is a very well run company

http://www.moneyam.com/action/news/showArticle?id=4321927

Another cracking set of results but £16 still the limit these days SP wise, a very nice 25% rise in Dividend though, see if it can break that ceiling before Ex,divi day.

£16 well and truly broken, this may have helped:

JP Morgan Cazenove has also upped his target price to 1870 pence for Petrofac shares, compared to 1,737 pence previously.
Similarly, broker Liberum Capital has also retained its 'buy' rating on Petrofac and increased its target price to 1822 pence, up from 1738 pence previously.

further strong buying into this one today ..... it may just be reaction to broker upgrades, but average volume is 1m shares and today it's 3m ..... not exactly immense volume, but nevertheless .....

A majestic rise in the last two days for PFC.

and still going strong .... comfortably into new high ground ....... can't work out whether it's just the company being re-rated by the market or a predator (like who?) sniffing

chart currently looks horrid - go to page 1 - but latest update reiterates that the company is on track for annual 15% growth ....... though somewhat volatile due its sector, this stock surely now looks oversold - as do so many others of course

hopefully this'll have a positive impact on the sp today/next couple of weeks?

More value added news today:

Petrofac Awarded Project Offshore Cote d'Ivoire
26 June, 2012
Petrofac, the international oil & gas service provider, has been awarded a fast track front end engineering design (FEED) project offshore the Côte d’Ivoire.
Petrofac’s Engineering & Consulting Services (ECS) team based in Woking, UK will undertake the work on the Gazelle field in Block C1-202 on behalf of Rialto Energy (Rialto) and Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (PETROCI). Rialto is operator of the block and holds an 85% interest, while PETROCI hold the balance.
The contract is expected to be completed in October and at its peak will involve a team of 75 personnel. The FEED will support the award of the early engineering, procurement, installation and commissioning contracts for both the offshore platform and offshore and onshore pipelines, which are expected to be awarded by the end of the year.
Martin Barnes, General Manager for ECS Woking commented: “This is an extremely intense FEED schedule and I look forward to the team delivering a high quality product for Rialto and PETROCI. In carrying out this work we are also able to draw on the extensive capability of our subsea pipeline consulting and engineering services business, KW Ltd, which differentiates and adds significant value to our offer. Strategically, the project also represents an important offshore reference for us in the West African market.

Shame that the general weakness in the markets is suppressing the impact on the sp

Indeed, but quality will out as they say.. sooner or later.

A downgrade by Investec not helping matters today I expect.

"Investec has downgraded its rating for oilfield services group Petrofac from 'buy' to 'hold' and cut its target price from 1,900p to 1,500p, saying that caution over 2013 still remains as the backlog continues to decline.

We still believe in the medium-term investment case for Petrofac and have little doubt that it can meet its medium-term objective of doubling recurring 2010 group earnings by 2015, but the shares are unlikely to perform in a drifting oil price environment (even though this has little tangible impact on PFC’s business) and whilst the ECOM contract wins are failing to replace the existing backlog, increasing uncertainty for 2013 forecasts."

Chief Financial Officer, Tim Weller, purchased 10,000 ordinary shares today.. Encouraging?

one would like to think so but not had a pos+ impact on sp so far (unless... it might have gone down more if there was no purchase!)

as you say, yesterdays Investec downgrading hasn't helped..
let's hope sentiment changes soon.

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and ?

No further comment. I was just bringing forward the chart from the previous page. Charts seem to be a simple graphic of a stock's performance, regardless of all the research and broker notes that are regularly posted. Not a share I currently hold, but has been on my watch list for quite a long time.

ok thanks