Aker BP (Hold, TP: NOK300.00) - Neutral as it gets
We view Q1 as neutral with reported financials in line with Infront consensus (EBITDA 1% above) and no news. The guidance and outlook are unchanged from Q4, with the exception of more flexible wording on dividends, making a raised dividend after the Lundin Energy transaction close (expected 30 June) highly likely, in our view.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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