IMI: Morgan Stanley upgrades to overweight with a target price of 1,410p.
JP Morgan upped its target for shares of Petrofac even after the consensus forecast for the company's earnings per share in 2019 had been revised up by 25% since the start of 2018, pointing to multiple factors that might drive further upside.
(WebFG News) - Petrofac has sold the rights to the JSD6000 deepwater installation vessel to Shanghai Zhenhua Heavy Industries for a net $167m.
(WebFG News) - Experian: Deutsche Bank upgrades to buy with a target price of 1,750p.
Tesco plc: Berenberg upgrades to buy with a target price of 255p.
Petrofac has been awarded a lump-sum engineering, procurement and construction contract by Vedanta Limited valued at around $233m.
Oil field services provider Petrofac Limited was awarded a contract worth $265m on Monday for the development of a project in Southern Oman.
Petrofac's finance chief picked-up some shares in the oilfield services firm on Wednesday.
Oil services outfit Petrofac on Thursday said full-year earnings before interest, tax, depreciation and amortisation rose 3.7% to $730m as it announced chief executive Ayman Asfari would resume full duties "with immediate effect".
Petrofac has been awarded a contract by Hindustan Petroleum Corporation for its sulphur recovery unit block package for the Visakh Refinery Modernisation Project (VRMP), at Visakhapatnam, Andhra Pradesh, India, it announced on Wednesday.
Oilfield services provider Petrofac has been awarded a contract worth around $580m with a GCC national oil company for the engineering, procurement and construction of a "major" project.
Petrofac has been awarded a lump-sum 27-month engineering, procurement and construction (EPC) contract by Bharat Petroleum Corporation (BCPL) valued at around $135m.
The US Department of Energy's inventory figures for the week ending 16 February showed oil inventories in the States declined by 1.6m barrels a day as net imports (exports minus imports) shrank by roughly 1.59m b/d, pushing net imports below the 5.0m barrel a day mark for the first time since 1992, alongside flat domestic production.
Petrofac confirmed that the Serious Fraud Office is continuing to question its chairman, executive directors, non-executive directors and employees over its ongoing criminal investigation into possible bribery, corruption and money laundering.
Petrofac's chief executive Ayman Asfari has been cleared by the UK High Court of insider trading in Italy, with the Italian authorities found to have not followed due process in allowing him to defend himself.