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.

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.

RSI turning up - or is it a hook to catch the unwary?

Petrofac/Daelim Win US$2.1 Billion Oman Contract

PETROFAC / DAELIM AWARDED US$2.1 BILLION REFINERY IMPROVEMENT PROJECT IN OMAN

Petrofac, the international oil and gas services provider, in a 50/50 joint venture with Korean based Daelim Industrial Co Ltd (Daelim) has been awarded a 36 month Engineering, Procurement and Construction (EPC) contract by Oman Oil Refineries and Petroleum Industries Company (ORPIC). The contract value is US$2.1 billion.

Credit Suisse has reiterated its 'outperform' rating for oilfield services (OFS) group Petrofac, saying that the stock has been "unfairly punished" after the cautious guidance given last week.

Credit Suisse said that the stock now trades on less than 10 times 2014 earnings with 30% upside potential to its target price of 1,535p. If it rolls valuations forward to 2015, the price-to-earnings ratio would be just 7.9 and the upside would rise to 57%.

You still in these Jeremy? looking good if the above transpires.

Deutsche Bank Buy 1,221.00 1,221.00 1,425.00 1,500.00 Upgrades

Alf? Are you still holding these ?

sure am buddy, but not currently at a profit :-)

Needs to close the week above 1250 I think before its worth getting in. First target from there 1408. Worth watching I think.