Premier Oil PLC (LON:PMO) traded down 10.1% during trading on Monday . The stock traded as low as GBX 69.35 ($0.91) and last traded at GBX 71.40 ($0.93). 11,024,338 shares were traded during mid-day trading, an increase of 34% from the average session volume of 8,200,000 shares. The stock had previously closed at GBX 79.45 ($1.04).
PMO has been the subject of a number of analyst reports. Barclays lifted their price objective on Premier Oil from GBX 170 ($2.22) to GBX 180 ($2.35) and gave the stock an “overweight” rating in a research note on Wednesday, October 10th. Peel Hunt reaffirmed a “buy” rating on shares of Premier Oil in a research note on Friday, September 21st. Royal Bank of Canada lifted their price objective on Premier Oil from GBX 180 ($2.35) to GBX 230 ($3.01) and gave the stock a “top pick” rating in a research note on Monday, October 15th. UBS Group reaffirmed a “buy” rating and set a GBX 170 ($2.22) price objective on shares of Premier Oil in a research note on Tuesday, September 18th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a GBX 225 ($2.94) price objective on shares of Premier Oil in a research note on Monday, October 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Premier Oil currently has an average rating of “Buy” and a consensus target price of GBX 137.78 ($1.80).
In other news, insider Richard Rose purchased 20,000 shares of the business’s stock in a transaction dated Friday, November 16th. The shares were bought at an average cost of GBX 84 ($1.10) per share, for a total transaction of £16,800 ($21,952.18).
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.
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