Aker BP (Buy, TP: NOK325.00) - Storm in a teacup
While the Brent oil price has increased ~13% YTD, Aker BP’s share price is down ~8% and lagging behind peers, weighed down by news of Johan Sverdrup coming off plateau earlier than expected and the soft 2024 production guidance. We look for production slightly above the guidance, and emphasise the stock is trading at a ~9.5% dividend yield, an all-time low spread versus peers. We reiterate our BUY and NOK325 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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