Aker BP ASA (Hold, TP: NOK303.00) - Q2 a bit soft, but no drama
We reiterate our HOLD recommendation and NO303 target price following Aker BP’s Q2 numbers, which were a little short of expectations, caused by lower revenues and higher exploration cost. It has hiked its exploration budget and cut abex guidance, while other guidance is unchanged. The company reiterated guidance of upping the dividend by USD100m/year to 2021. We have made minor estimate changes, and are a bit surprised by the 6% negative share price reaction today.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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