V391 Peg (alias HS 2201+2610) is a subdwarf B (sdB) pulsating star that shows both p- and g-modes. By studying the arrival times of the p-mode maxima and minima through the O-C method, the presence of a planet was inferred with an orbital period of 3.2yr and a minimum mass of 3.2M_Jup_ (Silvotti et al., 2007Natur.449..189S). In this article we present an updated O-C analysis using a larger data set of 1066 hours of photometric time series (~2.5x larger in terms of the number of data points), which covers the period between 1999 and 2012 (compared with 1999-2006 of the previous analysis). Up to the end of 2008, the new O-C diagram of the main pulsation frequency (f1) is compatible with (and improves) the previous two-component solution representing the long-term variation of the pulsation period (parabolic component) and the giant planet (sine wave component). Since 2009, the O-C trend of f1 changes, and the time derivative of the pulsation period (dP/dt) passes from positive to negative; the reason of this change of regime is not clear and could be related to nonlinear interactions between different pulsation modes. With the new data, the O-C diagram of the secondary pulsation frequency (f2) continues to show two components (parabola and sine wave), like in the previous analysis. Various solutions are proposed to fit the O-C diagrams of f1 and f2 , but in all of them, the sinusoidal components of f1 and f2 differ or at least agree less well than before. The nice agreement found previously was a coincidence due to various small effects that are carefully analysed. Now, with a larger dataset, the presence of a planet is more uncertain and would require confirmation with an independent method. The new data allow us to improve the measurement of dP/dt for f1 and f2: using only the data up to the end of 2008, we obtain dP/dt1=(1.34+/-0.04)x10^-12^ and dP/dt2=(1.62+/-0.22)x10^-12^. The long-term variation of the two main pulsation periods (and the change of sign of dP/dt_1_) is visible also in direct measurements made over several years. The absence of peaks near f1 in the Fourier transform and the secondary peak close to f2 confirm a previous identification as l=0 and l=1, respectively, and suggest a stellar rotation period of about 40 days. The new data allow constraining the main g-mode pulsation periods of the star.