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.

how often does Shares Mag get it right?
although i find it interesting reading, it gets its calls wrong so often, it should be embarrassed
i shall stay put for the (for me) foreseeable future

Looks like we are back on the uptrend.

i took my profits yesterday, rightly or wrongly. probably the latter knowing me.
so much for my long term view, for the moment anyway, lol
it was mostly personal money management reasons as much as anything else plus i no longer feel comfortable. i do wonder if we have had and seen and ignored and overcome the early warning signs, hope im wrong.
the profit pays for some 'hits' i've taken with a good bit to spare. i dont like to see my cash balance reducing so have had to make a sacrifice and pfc is it. it's a bit quierky i know but it helps keep me balanced and thinking more clearly.
anyway i'm happy, and sleeping well, always plenty of other opportunities to get back in.
regards
jkd

I think you made the right move jkd. This one is getting seriously clobbered at the moment.

Darradev
with apologies for delay in replying. wanted to let things settle a little. maybe i was right maybe not. even now i'm still not sure. must admit the severity and quickness of the fall did surprise me. cant bring myself to buy back in just yet. could be wrong yet again. so whats new? and good luck and best wishes to all who held for longer term gain thro recent turmoil. as for me i'm just trying to stick to some sort of money management plan as best i can, it is so easy to let things slip away and out of control when sb betting.
i truly have no idea or opinion on where we go from here. just gonna watch for moment.
regards
jkd

have not fiollowed anything for the last week as have been away, but the chart now looks pretty good to me, though we shall have to see if this evening's fall on Wall Street has any impetus before we can get any view on the morrow.

Evening jkd, thanks for the comments. It looks like the share price is back to slightly above the value it was when you took your profits earlier in August (if I'm reading the dates and charts correctly).

A couple of things are coming up that may have an influence on the share price. The results for 1H07 are being reported in early September and there has just been an anouncement regarding asset swaps between partners. I hopefully have attached some links.

http://moneyam.uk-wire.com/cgi-bin/articles/200708161532392663C.html


http://moneyam.uk-wire.com/cgi-bin/articles/200708290701028994C.html

http://www.straticenergy.com/operations/north_sea/west_don.html

http://www.valiant-petroleum.com/html/assets.html


No advice intended etc. but I'll stick my neck out and say that this share is on the rise again because the results are anticipated to be better than forecast and the deal with the West Don field is a canny move.

If I'm right, call me a real good chap, if I'm wrong, don't be too unkind !

For your background info I continue to hold these in an ISA.


Evening Mr C, nice to see you back from your cycling trip.

yet again, i unashamedly bring this stock to everyone's attention ...... yet again the figures have beaten expectations and the forecast is (yet again) very bullish ...... occasionally sp misbehaves a bit (see chart on page 1), but this has always, i think, been without any bad news to induce it, and should be seen as a buying opportunity ...... sp may not suddenly spurt a pound or more, but i see that in August last year, wheh this thread was started, sp was about 250, and certainly no more than 300 - it's now 465 ...... proof of the quality is in the pudding etc!

so i have now topped up my holding to o'weight at 446.5.

ML also rate PFC a BUY, as below .....

A note from Merrill Lynch said the results were in line with the broker's expectations. The broker said that taking into account guidance from the company, it expected consensus earnings forecasts to move up some 5 to 10 pct.
The broker has a price target of 550 pence for the shares.

Also a long term holder in these - looks a proper company, operating in strong markets with high quality customers. After a quick look at the numbers, my only area of concern is that trade receivables relative to turnover appears to have grown substantially, which in turn has affected cash generation. Liquid position still very strong, but hope just a month end glitch and not a sign that they are getting complacent.

i worked for this company for 3 months this year.........its badly organised.

however its dubai crap that keeps it going..........if it was uk, it would prob go bankrupt

you may well be right about internal management, but i am sorry to say, that that accusation can justifiably be applied to many if not most medium/large/huge companies - BOC, though just taken over by Linde, are a classic case.

however, PFC's clients both exisiting and new still seem to rate them highly, so perhaps they get something right

scott* ..... i take it you and PFC quickly discovered you did not like each other

This is a much undervalued company and one that is very cheaply priced at the moment - although I fully expect the share price to do very well in the very near future.
Should a bid come in from one of the oil majors the share price should pass 600 quite comfortably.

With oil hitting new highs today a bid could well be on the cards and sooner rather than later.
Present oil prices are here to stay and that can only mean one thing to oil related companies - higher profit ratios.
I agree with you Harry regarding the share price. It is too cheap and will pick up quickly once people spot that.
A really good opportunity for either a quick profit or as a longer term investment!

You are spot on there. With the oil price going through the roof the major oil players have plenty of money available and a takeover will imo happen very shortly.

Also good is the fact that when you buy this share you don't pay any stamp duty.

UK-based oil services company Petrofac said (last) Thursday that first-half net income rose 47 percent to $77.2 million and that it expected to exceed earnings expectations this year. "With strong demand for our services, we are confident that the group is well positioned to deliver 2007 results ahead of expectations and excellent growth in 2008 and beyond," Chief Executive Ayman Asfari said in a statement.

all good stuff, but i don't know where happy gets the idea that any oilie would be at all interested in taking over PFC, a service company

agree cynic - the idea is silly. as for being stamp-duty free, what good is that if the share price goes down?? !!! and should the oil price do down then the share price will follow. oil is high at the moment and can fall quite a bit.

PFC is only peripherally affected by price of crude