Premier Oil (OTCMKTS:PMOIY) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Premier Oil (OTCMKTS:PMOIY) from a hold rating to a buy rating in a research report report published on Thursday, March 15th. Zacks Investment Research currently has $1.25 target price 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. “

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PMOIY has been the topic of several other research reports. Macquarie downgraded Premier Oil from a neutral rating to an underperform rating in a report on Wednesday, January 17th. Stifel Nicolaus reissued a hold rating on shares of Premier Oil in a report on Thursday, January 18th. ValuEngine downgraded Premier Oil from a hold rating to a sell rating in a report on Tuesday, January 16th. Finally, Royal Bank of Canada downgraded Premier Oil from an outperform rating to a sector perform rating in a report on Tuesday, January 16th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $1.25.

Shares of PMOIY stock remained flat at $$1.10 during trading hours on Thursday. The company’s stock had a trading volume of 56 shares, compared to its average volume of 662. The firm has a market cap of $844.79, a P/E ratio of 4.40 and a beta of 2.26. Premier Oil has a 52-week low of $0.56 and a 52-week high of $1.52.

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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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