Aker BP (Buy, TP: NOK225.00) - The power of non-sanctioned barrels
Aker BP reported a solid Q3 and strong cash flow. We have made only minor changes after the 2020 guidance was narrowed and as the 2021 guidance was introduced. Aker BP remains our top E&P pick as it is well positioned to utilise the value uplift from moving its large non-sanctioned portfolio forward. We reiterate our BUY and NOK225 target price.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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