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.

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.

i know PFC is a really good outfit, but it has underperformed for no great reason for at least the last year

Deutsche Bank has lifted its recommendation for oilfield services group Petrofac from 'hold' to 'buy', saying that the stock's current price is overly discounting risks.

"Sentiment [...] has arguably bottomed and with a return to good growth likely to become more visible in 2014, trading on 8.5 times estimated fiscal year 2015 earnings, we upgrade to 'buy'," said Research Analyst Sebastian Yoshida.

Full year results - 26th February.

StockMarketWire.com
Analysts at Investec have made a number of recommendation and price target changes after revisiting their stance on the oilfield services sector. The broker said that, despite rising costs and ongoing pressures around cashflow, it believes capital expenditure will continue to rise in the oil sector, albeit at a slower but more sustainable rate than seen in previous years. We believe the Oilfield Services (OFS) sector's long-term secular growth story is still intact and valuations are not stretched, analysts said in a note to investors. The broker highlighted "buy" rated Petrofac (LON:PFC) and Kentz (LON:KENZ) as its top picks. In terms of changes, Investec has upgraded Lamprell (LON:LAM) to "hold" from "sell" and Wood Group (LON:WG.) to "buy" from "hold" but downgraded AMEC (LON:AMEC) to "hold" from "buy". Price targets have been increased to 155 pence a share (from 145 pence), in the case of Lamprell, but cut to 720 pence (from 900 pence) for Wood Group and to 1,065 pence (from 1,300 pence) for AMEC.

PFC have been having a good few days, and not without reason and none too soon either
however, unless you're already a holder (i am), i would question the logic of diving in until there was a decisive break through 1300, being the current 200 dma level

BIG BIG :-)

up another 20p this morning on latest rns, on what is a very shitty start generally

told you all to pay attention!
:-)

Profits warning! http://www.moneyam.com/action/news/showArticle?id=4807607

..You were saying Alf -):