Aker BP (Buy, TP: NOK280.00) - Poised for a recovery
Year to date, Aker BP’s stock has been the weakest among the European majors and North Sea large caps, down ~25%. This is despite operational tailwinds: raised production guidance; lowered cost guidance; projects commencing production ahead of schedule and below budget; and a positive trend in the Johan Sverdrup plateau commentary. Thus, although the post-Q4 share price performance has tended to be lacklustre over the past five years, we believe a lot of negatives are priced in, and see some upside potential to consensus 2025 production. We reiterate our BUY and NOK280 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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