Aker BP (Hold, TP: NOK290.00) - Fairly valued and lacking catalysts
Despite beating consensus by 3%, we found Q2 production of 444kboed slightly disappointing, down from 448kboed QOQ and 3% below our 458kboed estimate. While we have raised our Q2e oil and gas prices, the positive effect is offset by our reduced 2024e production from 445kboed to 438kboed. Trading at a ~5% premium to NAV, we find the stock fairly valued. With limited potential near-term catalysts, we have downgraded to HOLD (BUY), but reiterate our NOK290 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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