Premier Oil (PMO) Shares Up 11.2%

Premier Oil PLC (LON:PMO)’s share price shot up 11.2% during mid-day trading on Monday . The stock traded as high as GBX 72.64 ($0.95) and last traded at GBX 72.10 ($0.94). 22,474,545 shares traded hands during mid-day trading, an increase of 174% from the average session volume of 8,200,000 shares. The stock had previously closed at GBX 64.85 ($0.85).

Several brokerages recently issued reports on PMO. Barclays boosted their price target 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. Peel Hunt restated a “buy” rating on shares of Premier Oil in a research report on Friday, September 21st. Royal Bank of Canada boosted their price target on Premier Oil from GBX 180 ($2.35) to GBX 230 ($3.01) and gave the company a “top pick” rating in a research report on Monday, October 15th. UBS Group restated a “buy” rating and issued a GBX 170 ($2.22) price target on shares of Premier Oil in a research report on Friday, August 24th. Finally, Jefferies Financial Group restated a “buy” rating and issued a GBX 225 ($2.94) price target on shares of Premier Oil in a research report on Monday, October 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Premier Oil has a consensus rating of “Buy” and a consensus target price of GBX 149.44 ($1.95).

In other Premier Oil news, insider Richard Rose bought 20,000 shares of the company’s stock in a transaction on Friday, November 16th. The shares were bought at an average price of GBX 84 ($1.10) per share, for a total transaction of £16,800 ($21,952.18). Insiders have acquired a total of 20,218 shares of company stock worth $1,705,046 in the last quarter.

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About Premier Oil (LON:PMO)

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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