Aker BP ASA (Buy, TP: NOK251.00) - Yield and growth – a sweet combo
Aker BP delivered a neutral report in our view, and we view today’s 4% share price drop as a buying opportunity. We find the Aker BP investment case attractive, as: 1) it is trading at a 2019e dividend yield of 5.4%, and the company indicates yield is to grow further; 2) it is aiming to double production organically to 330kboed by 2023; 3) it has USD2.9bn of available liquidity and has said it is hunting for further, accretive M&A deals; and 4) its sustained focus on greater efficiency. We reiterate BUY and our NOK251 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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