Premier Oil (LON:PMO) had its target price lifted by Royal Bank of Canada from GBX 180 ($2.35) to GBX 230 ($3.01) in a research report sent to investors on Monday morning. Royal Bank of Canada currently has a top pick rating on the oil producer’s stock.
Several other equities research analysts have also issued reports on PMO. Investec decreased their target price on Premier Oil from GBX 135 ($1.76) to GBX 130 ($1.70) and set a hold rating for the company in a research report on Friday, July 20th. Peel Hunt reaffirmed a buy rating and set a GBX 140 ($1.83) target price on shares of Premier Oil in a research report on Monday, July 9th. Barclays raised their target price on Premier Oil from GBX 170 ($2.22) to GBX 180 ($2.35) and gave the company an overweight rating in a research report on Wednesday, October 10th. Finally, UBS Group reaffirmed a buy rating and set a GBX 170 ($2.22) target price on shares of Premier Oil in a research report on Tuesday, September 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Premier Oil currently has an average rating of Buy and a consensus price target of GBX 135.56 ($1.77).
Shares of Premier Oil stock opened at GBX 120.60 ($1.58) on Monday. Premier Oil has a 1 year low of GBX 42.75 ($0.56) and a 1 year high of GBX 104.56 ($1.37).
Premier Oil plc, an oil and gas company, engages in the exploration, production, and development of oil and gas properties primarily in the Falkland Islands, Indonesia, Pakistan, the United Kingdom, Vietnam, and internationally. As of December 31, 2017, it had proven and probable reserves (2P) of 302 million barrels of oil equivalent (mmboe); and 2P reserves and 2C resources of 902 mmboe.
Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks
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