Aker BP (Hold, TP: NOK280.00) - Uncertainties lingering
Expecting a softer oil market balance than previously, we have lowered our H2 2024 and 2025 oil price assumptions, with a negative impact on Aker BP given its high share (~85%) of liquids production. With the stock trading close to our NAV, we struggle to see meaningful near-term upside potential considering the post-plateau Johan Sverdrup production uncertainty and a likelihood of consensus capex in the out-years being revised higher. We reiterate our HOLD, but have cut our target price to NOK280 (290).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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