Updates

Petrofac - Lower oil price reduces forecast

December 2008

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

In its trading update covering the period from 1 July to 10 October, oil & gas facilities services provider Petrofac noted that trading was in line with expectations, while net cash balances were in excess of US$500m. The group's order backlog at the end of September was US$4.3bn (compared to US$4.8bn as at 30 June). Taking into account lower oil price assumptions, broker Oriel has reduced its eps forecasts to 39.6p for this year rising to 59.7p for 2009. With the oil price still under downward pressure, introduce stop-loss at 338p. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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