Canaccord Genuity Cuts Premier Oil (LON:PMO) Price Target to GBX 20

Premier Oil (LON:PMO) had its price objective decreased by Canaccord Genuity from GBX 55 ($0.72) to GBX 20 ($0.26) in a research note released on Monday morning, Digital Look reports. Canaccord Genuity currently has a hold rating on the oil producer’s stock.

A number of other equities research analysts have also weighed in on the stock. Berenberg Bank lowered their price target on shares of Premier Oil from GBX 45 ($0.59) to GBX 20 ($0.26) and set a hold rating for the company in a report on Monday, August 24th. Peel Hunt raised shares of Premier Oil to a buy rating and raised their price objective for the stock from GBX 35 ($0.46) to GBX 50 ($0.65) in a report on Tuesday, July 21st. Barclays raised their price objective on shares of Premier Oil from GBX 15 ($0.20) to GBX 22 ($0.29) and gave the stock an underweight rating in a report on Thursday, July 23rd. Finally, Jefferies Financial Group raised their price objective on shares of Premier Oil from GBX 63 ($0.82) to GBX 68 ($0.89) and gave the stock a buy rating in a report on Monday, July 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Premier Oil currently has an average rating of Hold and an average target price of GBX 51.43 ($0.67).

PMO opened at GBX 19.73 ($0.26) on Monday. The company has a fifty day simple moving average of GBX 27.99 and a 200 day simple moving average of GBX 35.55. The firm has a market cap of $182.56 million and a price-to-earnings ratio of -0.26. Premier Oil has a twelve month low of GBX 10.02 ($0.13) and a twelve month high of GBX 120.70 ($1.58). The company has a current ratio of 0.20, a quick ratio of 0.15 and a debt-to-equity ratio of 571.58.

About Premier Oil

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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