Aker BP ASA (Hold, TP: NOK210.00) - Turning into a dividend machine
Aker BP’s 2018 production guidance of 155–160kboed is in line with consensus and our forecast. 2018 capex, expex and abex are all above our estimates. 2P reserves of 913mmboe is roughly in line with our forecast. The company has proposed an increased DPS for 2018 of USD1.25 (4.6% yield), and said it has ambitions to increase the DPS to USD2.08 (7.7% yield) in 2021. We expect a positive share price reaction of 2–4% on the dividend ambitions. The CMD presentations start at 13:00 CET (www.akerbp.com).Aker BP ASA engages in the exploration, development, and production of petroleum resources on the Norwegian Shelf. In addition, Co. has a separate Johan Sverdrup business unit to manage its interest.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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