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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Premier Oil share price: what’s the outlook in the wake of strong H1 results?

The British oil and gas company recorded a strong set of half-year results in August, driven by increased production, with analysts expecting the stock to perform in the months ahead.

Oil pump Source: Bloomberg

Premier Oil recorded a sharp increase in its half-year earnings, driven by an increase in production that saw it leave its full-year guidance left unchanged.

The oil and gas company saw its earnings from continuing operations hit $680.2 million, up from $487.8 million over the same period a year prior, with it attributing its performance to improved production, rising oil prices and it adhering to its cost-cutting strategy.

‘The company's strong cash flow is driving debt reduction and the Zama divestment and Sea Lion farm-down processes are targeting further strengthening of the balance sheet, which remains the group's highest priority,' Premier Oil CEO Tony Durrant said.

Peel Hunt upgrades Premier Oil share forecast

Premier Oil shares climbed more than 8% to 77p a share since publishing its half-year results, with the stock up 11% on a year-to-date basis.

Prior to its results, Peel Hunt reiterated its buy investment rating on Premier Oil and raised its price target to 165p, up from 155p.

Practise trading Premier Oil and other global oil stocks with an IG demo account

Oil price rises on US stockpile decline

Oil prices climbed higher on Wednesday, after the American Petroleum Institute (API) reported that US crude inventories fell further than forecasted.

WTI futures rose by 2.6% to $56.35 a barrel, while Brent futures climbed 2.2% to $60.84.

However, despite the two benchmarks recording their largest intra-day gains over the last 11 trading sessions on Wednesday, both are down WTI futures and Brent crude future are down 4% and 7% respectively on a month-to-date basis.

Oil prices continue to be weighed down by the ongoing US-China trade war, with both threatening to impose higher tariffs on a wide range of goods.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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