Pharos Energy (PHAR)

Sector:

Energy Producers

Index:

FTSE Small Cap

14.58p
   
  • Change Today:
      0.080p
  • 52 Week High: 70.20
  • 52 Week Low: 10.40
  • Currency: UK Pounds
  • Shares Issued: 397.52m
  • Volume: 3,868,364
  • Market Cap: £57.96m
  • RiskGrade: 586

Jefferies downgradesTullow, upgrades Soco International

By Michele Maatouk

Date: Monday 21 Mar 2016

LONDON (ShareCast) - (ShareCast News) - Jefferies downgraded Tullow Oil to 'underperform' from 'hold' with an unchanged price target of 166p.
The bank said it was increasingly concerned over operational issues at the Jubilee field, which is a fundamental stock risk overriding opportunity from oil shows in a new Kenya basin.

"Now trading 36% above our unchanged PT and at $22/boe 2P reserves the market is once again pricing in an unwarranted premium," it said.

"Our upgrade to 'hold' in September 2015 accepted TLW trading at $19/boe 2P & $35/boe 1P reserves, both significant premiums to M&A precedent. Six months on, we see zero industry appetite for such premiums."

Jefferies said it continues to expect banks to be supportive to Tullow debt facilities and also expects the TEN development on stream as planned during the third quarter of this year.

However, it also continues to expect lower plateau rates from that field versus expectations.

Also on Monday, Jefferies upgraded Soco International to 'buy' from 'hold' and lifted the price target to 180p from 127p.

It said Soco's dividend continues and is likely to grow with a special in the second half of the year.

It said the 2p per share dividend was already ahead of its expectations, and with a flagged special dividend in the second half, Jefferies forecasts a total payout of 6p per share for 2016.

"Soco, alone amongst peers, prioritised cash returns over M&A during 'high' oil price. In a 'low' oil price cycle, returns continue but (value accretive) M&A can return."

At 0830 GMT, Tullow shares were down 3% to 219.03p while Soco was flat at 161.25p.

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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.

 

Pharos Energy Market Data

Currency UK Pounds
Share Price 14.58p
Change Today 0.080p
% Change 0.55 %
52 Week High 70.20
52 Week Low 10.40
Volume 3,868,364
Shares Issued 397.52m
Market Cap £57.96m
RiskGrade 586

Pharos Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
44.09% above the market average44.09% above the market average44.09% above the market average44.09% above the market average44.09% above the market average
15.56% above the sector average15.56% above the sector average15.56% above the sector average15.56% above the sector average15.56% above the sector average
Price Trend
95.53% below the market average95.53% below the market average95.53% below the market average95.53% below the market average95.53% below the market average
72% below the sector average72% below the sector average72% below the sector average72% below the sector average72% below the sector average
Income Not Available
Growth
6.91% above the market average6.91% above the market average6.91% above the market average6.91% above the market average6.91% above the market average
57.38% below the sector average57.38% below the sector average57.38% below the sector average57.38% below the sector average57.38% below the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 2
Sell 0
Strong Sell 3
Total 6
sell
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Pharos Energy Dividends

  Latest Previous
  Final Final
Ex-Div 09-May-19 24-May-18
Paid 31-May-19 15-Jun-18
Amount 5.50p 5.25p

Trades for 29-May-2020

Time Volume / Share Price
16:47 605,268 @ 14.58p
16:51 2,944 @ 14.58p
16:35 2,863,960 @ 14.58p
16:29 200 @ 14.20p
16:29 303 @ 13.78p

Pharos Energy Key Personnel

CEO Ed Story
CFO Jann M Brown
Chair John Martin

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