Zacks Investment Research upgraded shares of Premier Oil (OTCMKTS:PMOIY) from a hold rating to a buy rating in a research note published on Wednesday morning. The firm currently has $1.50 price objective on the energy producer’s stock.
According to Zacks, “Premier Oil PLC is engaged in oil and gas exploration, development and production. The Company’s operations are located in the North Sea, Asia, Middle East-Pakistan, and West Africa. It is independent and pursuing its strategy of low-risk development of existing discovered reserves whilst maintaining shareholder leverage to material exploration upside. The company is pre-funded for its committed development programme and planned exploration programme. The Company is focused on four core Businesses in the North Sea, Africa, Middle East/Pakistan, and Asia. Premier is seeking to grow through organic production growth, high impact exploration, and acquisitions in the areas they know well. “
Shares of Premier Oil (PMOIY) traded up $0.05 during mid-day trading on Wednesday, hitting $1.43. 717 shares of the stock traded hands, compared to its average volume of 2,390. Premier Oil has a 1-year low of $0.56 and a 1-year high of $1.43. The company has a debt-to-equity ratio of 3.11, a quick ratio of 0.79 and a current ratio of 0.81.
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About Premier Oil
Premier Oil plc is an independent exploration and production company with oil and gas interests in the North Sea, South East Asia, Pakistan, the Falkland Islands and Latin America. The Company is engaged in the business of upstream oil and gas exploration and production. The Company’s operations are located and managed in six business units: the Falkland Islands, Indonesia, Pakistan (including Mauritania), the United Kingdom, Vietnam and the Rest of the World.
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