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.

Excellent trading rise this morning. High of 443p. I just need to get out now before everyone else does!

Might be interested in buying some off you..what's your price )-:

I was looking the rest of my stocks which are mostly in the red today, coupled with Brent Crude down to $47 pb today and started to get worried that PFC would follow that trend. Not for sale yet Stan.....though your post implies you already have a stake?

Yes Harry.. up until 10.06 when I sold but still monitoring it as I might go back in later.

437.30 +32.20 (+7.95%)

Why is so well supported once is marked down heavily on the past .......

PFC is no stranger to the scenario its in currently, as SP fell sharply between Nov 2014 and Jan 2015 by 48% and then rose sharply again by 70% between Jan 2015 and Apr 2015.

This is a £7.8 Billion revenue business with solid bones.
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World Famous Tosca fund is buying as evidenced by Mondays press release. They're here for a double!

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"PFC is no stranger to the scenario its in currently, as SP fell sharply between Nov 2014 and Jan 2015 by 48% and then rose sharply again by 70% between Jan 2015 and Apr 2015."

This is true.

Back in again today.

NTMS Investments Limited go above 5% http://www.moneyam.com/action/news/showArticle?id=5569646

DB Bank increase their holding http://www.moneyam.com/action/news/showArticle?id=5571196http://http://http://www.moneyam.com/action/news/showArticle?id=5571196

Brent Crude sub $45 pb not helping this at the moment!

Booked a four day break then set a limit order to cover the cost on these, tripped out today job done...nice if that could work all the time.

Trading statement next Tuesday.

Since the large marked down on the 21th and being the lowest lately, slowly is moving forward again



edit - close bargain T +2 late afternoon @ 423.10p

Weak Negative Candidate -Medium term, Jun 16, 2017 Analysis Explanation

An approximate horizontal trend is broken down. A continued weak development is indicated, and the stock now meets resistance on possible reactions up towards the trend lines. The stock has resistance at pence 760. RSI is oversold. This shows that the momentum of The stock is weak and that the price may decline further in the short term. We should see a rise in RSI before this is seen as a positive signal. The stock is overall assessed as technically slightly negative for the medium long term.

FTSE chart

Analysis help -
Momentum,RSI
High negative momentum and oversold
The stock has high negative momentum and RSI is oversold, see the green colour in the price chart. The stock has fallen a lot, without significant corrections upwards. This is to be expected in falling trends, but may indicate that the price soon will rise in horizontal or rising trends.

Trend
Horizontal trend breaking downwards
A break downward through a horizontal trend signals a negative change in investor psychology and is a sell signal.

Support and resistance
Price below resistance
The price is below a resistance level, where the stock has previously turned downwards. Many investors may consider it expensive if it rises up to resistance, and may then wish to sell.

The Sunday Telegraph
Jillian Ambrose - 25 JUNE 2017 • 3:22PM

Scandal-hit Petrofac to assure investors that it is ‘business as usual’

The FTSE 250 group has been dragged into the Unaoil corruption scandal which has engulfed the global oil industry

Petrofac will be hoping to convince investors that it is business as usual for the troubled oilfield services group in its trading update on Tuesday.

The FTSE 250 group has been dragged into the Unaoil corruption scandal which has engulfed the global oil industry and could face a lengthy probe by the Serious Fraud Office which analysts fear may scupper its chances of picking up new work.

Petrofac’s earnings are expected to be resilient in the near-term due to an existing backlog of $14.3bn as of the end of last year. It also has financial headroom of $1.4bn and has been granted a one year extension on its revolving credit facility to 2021.

In addition the Jersey-based services group recently clinched a new decade-long contract to provide Petroleum Development Oman with engineering, procurement and construction work.

It follows a three-year programme of similar services for Oman that Petrofac already provides, and could help put it in line to win one of the $1.5bn packages for Oman’s Duqm refinery project when it is sanctioned in the second half of this year.

The major contract win has helped to soothe investor jitters over whether the group’s work will remain in demand as the SFO probe drags on.

Both Petrofac and Unaoil have denied allegations of wrongdoing.

Petrofac could face a possible $800m (£625m) fine if the SFO finds, following an investigation, that it used Unaoil as a “middle-man” to secure consultancy contracts worth $2bn for work in Kazakhstan between 2002 and 2009. But analysts have warned that the real threat to its balance sheet is in its ability to keep securing service contracts as the two year probe rumbles on.

Morgan Stanley has slashed its valuation of the group by a third, to £6 a share, and warned that it could fall by almost half again to £3.50 a share as the investigation evolves. Petrofac was worth over £10 a share two years ago.

Petrofac issued a pre-close trading update on Tuesday morning, ahead of the announcement of its half year results for the six months to 30 June on 30 August, claiming underlying net profit for the first half of 2017 was expected to be between $135m and $145m, with full year net profit expected to be weighted to the second half of the year. The FTSE 250 company reported a new order intake of $1.7bn in the year to date, with a backlog of $13.0bn at 31 May. Net debt was forecast to be around $1.1bn at 30 June, which would be in line with expectations.

re - update
re - dividend

Orders ARE falling
Profit guidance HAS been reduced

If they recognise the falling order book say with a headcount reduction or at least an awareness It would be more comfortable.

It only takes a random one off charge to wipe out profits (see last year). So maintaining a hefty divi with $1.1 billion debt and with other background noise going on seems unlikely.

Time will tell as usual, don't panic Mr....

Reeuters - BUSINESS NEWS | Tue Jun 27, 2017 | 9:17am BST
Petrofac says bidding opportunity pipeline robust

British oilfield services company Petrofac Ltd on Tuesday said it expected an underlying net profit of $135 million (106 million pounds) to $145 million for the first half of 2017 as strong bidding activity in its core markets led to a robust order book.

Shares in the company were down 2.6 percent at 415 pence at 0810 GMT on the London Stock Exchange.

"High level of tendering activity is evidence of greater confidence in our core markets and we continue to have a very good pipeline of bidding opportunities," CEO Ayman Asfari said in a statement.

Bidding activity in the first half of the year was consistent with Petrofac's guidance of higher activity in its core Middle Eastern markets, CFO Alastair Cochran told Reuters.

Full-year underlying net profit would be weighted towards the second half of the year in a ratio of about 40:60 percent, he added.

Order book stood at $13 billion as of May 31, said the company, which builds and operates oil and gas facilities. It recorded an order book value of $14.3 billion in 2016 as orders picked up in its core Middle Eastern markets.

The company's high exposure to the Middle Eastern oil markets resulted in good backlog coverage for 2017 as record production in the region drove up contract awards.

Petrofac is under investigation by the UK's Serious Fraud Office (SFO) for its dealings with Monaco-based Unaoil, which Petrofac said it had engaged primarily in Kazakhstan to provide local consultancy services between 2002 and 2009.

Numis today reaffirms its buy investment rating on Petrofac Ltd (LON:PFC) and set its price target at 600p.