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.

Petrofac signs US$120m training agreement http://www.moneyam.com/action/news/showArticle?id=4668496

Tim push's the boat out yet again http://www.moneyam.com/action/news/showArticle?id=4669381

Some more good news http://www.moneyam.com/action/news/showArticle?id=4671674

this really is a very good company indeed, but sp has struggled for quite a while and for no obvious reason, per below .....



worth noting 200 dma lurking not far away

Director Shareholding - Tim Weller - 9 shares... you know the score -): http://www.moneyam.com/action/news/showArticle?id=4687888

Note from UBS today:
"BP has flagged that expansion projects for Algeria’s In Amenas and In Salah gas producing sites will not start next year as originally planned. The projects are run as a partnership between Sonatrach, BP and Statoil (operator). Work on the projects stopped after terrorist attacks in January. Petrofac, contractor on In Salah, communicated in May that it has rescheduled the remaining work for completion in 2014 vs. 2013. The overall profitability of the contract has not been impacted.
Based on discussion with the Petrofac, we understand that it has people on the ground but is awaiting guidance from operator Statoil before fully mobilising. Currently, the company assumes mobilisation 1Q14 so further delays could see risks to 2014 revenues and earnings. We currently include c $550m revenues for In Salah completion, 7% of 2014E group revenues but since this is for completion work and likely higher margin, the impact to 2014E EPS could be in the range of 7-10% of net income.
Petrofac shares have been strong recently, up 18% over the last 3 months, outperforming Euro oil services by 11%. Despite this, the shares are still trading on a 15% discount to the sector on 2014/15E P/E compared to a 5-yr average discount of 2%. We reiterate our Buy rating and believe that weakness on the back of the In Salah uncertainty could be a buying opportunity.

Interim Management Statement http://www.moneyam.com/action/news/showArticle?id=4707527

market took a very dim view of those numbers ..... PFC have a history of being whacked even when their numbers are good, but certainly these look pretty dull

have had a foolish flutter at 1229

.

Blimey! Down nearly 14%

Market says no growth no premium

investment analyst double-speak!

S&P Capital IQ cuts target price to 2050p from 2200p; rating strong buy
Canaccord Genuity cuts target price to 1500p from 1600p; rating buy

Anyone up to speed on these?

Liberum Capital Hold 1,200.00 1,200.00 - 1,380.00 Downgrades

certainly a wide divergence as to where sp ought to go .... somewhat wishful thinking says the fall is overdone

Hmmm - perhaps easier/less risky options elsewhere.

"It takes two to Tango"

and the market says PFC is not the right partner right now

so down she goes to 1172p, despite >>>>>> wishful thinking of some

as i already have these, i'll almost certainly continue to do so unless i want to deprive the taxman in due course :-)

shares mag got it badly wrong a couple of weeks ago!

Telegraph:

Petrofac’s shares fell on Monday after reporting delays to two major contracts and downgrading its profit forecast for next year. With the contracts now not expected to start until 2014, investors are facing more risk as they have an uncomfortable year-long wait before a major ramp up in work, The Daily Telegraph’s Questor column noted.

Petrofac’s share price has become increasingly reliant on the two delayed projects, the $2.5bn Upper Zakum project in Abu Dhabi, and the Berantai contract in Malaysia.

“Questor was wrong to keep Petrofac as a buy at £13.73 in August as, since then, shares have fallen 13%,” Questor said. “Now, with little growth expected next year and shares trading 12.3 times adjusted forecast earnings, falling to 9.8 times in 2015, they don’t represent a compelling investment case.

Hold.”

Still taking a slapping, down 25p at the mo.

And the decline continues, 11p so far.