Petrofac is an international provider of facilities solutions to the oil and gas production and processing industry. The company's solutions include designing and building oil and gas facilities, operating and managing facilities, and training personnel.
In the last trading strategy we fixed a target price at GBp 1650, this level has been reached and also overstepped. After a bearish trend the stock has come back at interesting price.

From fundamental point of view the share is trading 13 times FY2012 earnings per share estimates, according to Thomson Reuters. Analysts forecast important growth concerning revenue and net margin by 2014. In add the management fixed the target of more than doubling 2010 group earnings by 2015.

Technically the share is in bullish trend in the short term, with 20 day moving average which is breaking out the 50 day moving average. This could be a signal of continuation of upward trend.
For both fundamental and technical elements we suggest to take a long position in Petrofac in order to aim a return on GBp 1770. We suggest a stop loss below pivot point of GBp 1500.