Aker BP (Buy, TP: NOK280.00) - Attractive entry point
Aker BP underperformed peers by ~5% over the past week following the recent drop in the oil price. However, our base-case assumptions are unchanged, i.e. no reversal of the OPEC cuts, and oil prices recovering towards USD80/bbl by 2026. We see an attractive entry point for Aker BP after its recent share-price weakness, as macro ‘noise’ has drowned out operating tailwinds (stabilised water-cut levels and positive Sverdrup plateau production news, as well as Tyrving start-up ahead of schedule). As a result, we have upgraded to BUY (HOLD), and reiterate our 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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