Petrofac Ltd. (PFC)

Sector:

Fossil Fuels Production & Distribution

Index:

FTSE Small Cap

10.55p
   
  • Change Today:
    -0.27p
  • 52 Week High: 40.00
  • 52 Week Low: 10.42
  • Currency: UK Pounds
  • Shares Issued: 522.05m
  • Volume: 1,950,615
  • Market Cap: £55.08m
  • RiskGrade: 428
  • Beta: 1.65

Petrofac shares surge after contract deal with TenneT

By Frank Prenesti

Date: Wednesday 20 Dec 2023

LONDON (ShareCast) - (Sharecast News) - Shares in Petrofac surged on Wednesday after the oilfield services company said it had secured performance guarantee for the first contract awarded under its agreement with Dutch electricity company TenneT.
Petrofac's will get a $1.4bn share of the $14bn multi-year contract. Share in the firm rocketed by 42% in London trade.

In a trading update, the company also forecast a smaller annual loss of $180m for the group, compared with a loss of $205m last year, and forecast annual revenue of $2.5bn, compared with the $2.67 billion that analysts expect, according to a company-compiled consensus.

Net debt is expected to be higher at the year-end, due to a delay in securing advance payments on contracts and a subsequent increase of more than $100m in collateral for the guarantees, it added.

Petrofac, which has been struggling with payment delays and cost overruns at its engineering and construction unit earlier this month warned it would no longer be able to meet its annual forecast of "broadly neutral free cash flow".

AJ Bell investment director Russ Mould said Petrofac "has been deeply unpopular with investors after a chequered history which included fines for corruption, uneven financial performance and a weak balance sheet. Therefore, any good news was always going to spark a positive share price reaction".

"This has proved correct with short sellers caught out after Petrofac secured a big North Sea contract and confirmed revenue roughly in line with guidance. The shares may have surged 50% but the company's market value is still just a fraction of what it was at the company's zenith in the early 2010s."

Reporting by Frank Prenesti for Sharecast.com

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Petrofac Market Data

Currency UK Pounds
Share Price 10.55p
Change Today -0.27p
% Change -2.50 %
52 Week High 40.00
52 Week Low 10.42
Volume 1,950,615
Shares Issued 522.05m
Market Cap £55.08m
Beta 1.65
RiskGrade 428

Petrofac Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
6.51% above the market average6.51% above the market average6.51% above the market average6.51% above the market average6.51% above the market average
25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average
Price Trend
55.9% below the market average55.9% below the market average55.9% below the market average55.9% below the market average55.9% below the market average
20% below the sector average20% below the sector average20% below the sector average20% below the sector average20% below the sector average
Income
36.94% above the market average36.94% above the market average36.94% above the market average36.94% above the market average36.94% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Growth
72.49% below the market average72.49% below the market average72.49% below the market average72.49% below the market average72.49% below the market average
66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 5
Sell 0
Strong Sell 1
Total 7
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Petrofac Dividends

  Latest Previous
  Interim Final
Ex-Div 19-Sep-19 25-Apr-19
Paid 18-Oct-19 24-May-19
Amount 12.70¢ 25.30¢

Trades for 21-Nov-2024

Time Volume / Share Price
15:54 8 @ 10.55p
15:25 107 @ 10.70p
16:37 23,081 @ 10.55p
16:29 19,574 @ 10.70p
16:29 11,999 @ 10.70p

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