Faroe Petroleum (FPM) Price Target Raised to GBX 175

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Faroe Petroleum (LON:FPM) had its target price raised by Peel Hunt from GBX 174 ($2.24) to GBX 175 ($2.26) in a report released on Wednesday. They currently have a buy rating on the oil and gas exploration company’s stock.

Several other brokerages have also recently issued reports on FPM. Liberum Capital assumed coverage on Faroe Petroleum in a report on Monday, July 2nd. They set an add rating and a GBX 157 ($2.03) price objective for the company. BMO Capital Markets lifted their price objective on Faroe Petroleum from GBX 156 ($2.01) to GBX 160 ($2.06) and gave the stock an outperform rating in a report on Friday, August 17th. Finally, Barclays reissued an underweight rating and set a GBX 145 ($1.87) price target on shares of Faroe Petroleum in a research report on Thursday, August 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. The stock has an average rating of Buy and a consensus price target of GBX 145.88 ($1.88).

Shares of FPM stock opened at GBX 149.40 ($1.93) on Wednesday. Faroe Petroleum has a 1 year low of GBX 74.50 ($0.96) and a 1 year high of GBX 116.80 ($1.51).

In related news, insider Jonathan Cooper purchased 16,354 shares of the company’s stock in a transaction on Friday, August 17th. The stock was bought at an average price of GBX 140 ($1.81) per share, with a total value of £22,895.60 ($29,535.09).

About Faroe Petroleum

Faroe Petroleum plc, an independent oil and gas company, engages in the exploration, appraisal, and development of oil and gas fields in Northwest Europe. The company has interests in the Trym, Tambar, Ula, and Ringhorne East fields in Norway; and Blane oil field in the United Kingdom. As of January 1, 2018, it had proven and probable reserves of 114.1 million barrels of oil equivalent.

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Analyst Recommendations for Faroe Petroleum (LON:FPM)

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