Barclays Reiterates “Underweight” Rating for Premier Oil (PMO)

Premier Oil (LON:PMO)‘s stock had its “underweight” rating reaffirmed by analysts at Barclays in a note issued to investors on Tuesday, February 6th. They currently have a GBX 75 ($1.04) target price on the oil producer’s stock. Barclays’ price target would suggest a potential upside of 3.45% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. Jefferies Group raised their price objective on Premier Oil from GBX 90 ($1.24) to GBX 110 ($1.52) and gave the company a “buy” rating in a research note on Wednesday, December 20th. Credit Suisse Group reaffirmed an “underperform” rating and set a GBX 60 ($0.83) price objective on shares of Premier Oil in a research note on Thursday, December 7th. Peel Hunt reaffirmed a “buy” rating and set a GBX 100 ($1.38) price objective on shares of Premier Oil in a research note on Thursday, November 16th. Deutsche Bank reaffirmed a “hold” rating and set a GBX 67 ($0.93) price objective on shares of Premier Oil in a research note on Tuesday, November 7th. Finally, Canaccord Genuity cut their target price on Premier Oil from GBX 130 ($1.80) to GBX 120 ($1.66) and set a “buy” rating on the stock in a research note on Friday, January 19th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. Premier Oil has a consensus rating of “Hold” and an average target price of GBX 87.50 ($1.21).

Shares of Premier Oil (LON:PMO) traded down GBX 0.80 ($0.01) during mid-day trading on Tuesday, hitting GBX 72.50 ($1.00). The company had a trading volume of 2,692,479 shares, compared to its average volume of 10,740,000. Premier Oil has a one year low of GBX 42.75 ($0.59) and a one year high of GBX 104.56 ($1.44).

In other Premier Oil news, insider Roy A. Franklin bought 60,000 shares of the stock in a transaction dated Wednesday, January 31st. The stock was purchased at an average cost of GBX 83 ($1.15) per share, for a total transaction of £49,800 ($68,803.54). Insiders acquired 60,378 shares of company stock valued at $5,007,378 over the last 90 days.

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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.

Analyst Recommendations for Premier Oil (LON:PMO)

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