Strong 3Q from PNG LNG. Higher Pricing Increases our Oil Search FVE to AUD 6.60.
We increase our Oil Search fair value estimate by 10% to AUD 6.60 per share from AUD 6.00, and up our 2018 and 2019 EPS forecasts by 3% and 23% to AUD 0.32 and AUD 0.57, respectively. Very strong third-quarter output from PNG LNG contributes to the higher 2018 earnings forecast, while higher near-term energy prices and a weaker Australian dollar drive the improved 2019 EPS and fair value estimates. We now assume a 2019 Brent crude price of USD 82 per barrel and an AUD/USD exchange rate of 0.71. ...Oil Search is engaged in the exploration, development and production of oil and gas deposits in Papua New Guinea. This is carried out as both the operator of producing and exploration joint ventures and as a non-operator participant in exploration and production joint ventures. Co.'s properties include the Kutubu oil project, Central Moran oil project, Gobe oil project, Hides GTE project, SE Mananda field, and Nabrajah. Co. also has interests in seven concession areas in Yemen, three concession areas in Egypt, and one concession area in Libya. Co. maintains operations in Papua New Guinea, Yemen, Egypt, Libya, Iraq, Tunisia, and Australia.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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