Aker BP (Buy, TP: NOK370.00) - Rainy days are over
Aker BP’s share price has performed worse than or in line with its NCS large-cap peers despite significantly lower exposure to falling gas prices. Investors appear unconvinced by its sharply higher capex outlook and soft production guidance. However, we believe the company is being conservative and that over the next few years it will exceed guidance meaningfully in production and capex, supporting a share price rally. We reiterate our BUY and NOK370 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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