Aker BP (Buy, TP: NOK200.00) - All eyes on DPS announcement
With Q1 production and realised prices already reported, we see most of the uncertainty related to the DPS announcement. We view a cut as highly likely, but this is already reflected in the share price, implying a yield of 15%. We maintain our BUY, and consider AkerBP the best positioned of the larger NCS-focused companies. After the rally in April, our unchanged NOK200 target price now represents 22% upside potential.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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