RBC trims PTs on European, U.S. energy majors, cuts Aker BP to 'underperform'

Reuters

RBC trims PTs on European, U.S. energy majors, cuts Aker BP to 'underperform'

2024 9월 17 일, 오전 9:03 GMT

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>BUZZ-RBC trims PTs on European, U.S. energy majors, cuts Aker BP to 'underperform'</title></head><body>

** "A time for reflection," RBC says on European and U.S. energy majors as itsees earnings drivers normalising after a nearly three-year period of exceptional growth

** It prefers upstream-heavycompanies such as Shell SHEL.L, Eni ENI.MI, Chevron CVX.N, Galp Energia GALP.LS over "downstream" ones, in light of weaker product demand

** It expects share buybackscuts across most companies, with the most significant reductions into 2025 from BP BP.L and Repsol REP.MC

** The broker's updated sector earnings estimates sit 8-15% below consensus on average in 2024-25, with greater downside for companies exposed to weaker refining margins like Exxon Mobil XOM.N, Repsol, Galp Energia

** It cuts Aker BP AKRBP.OL to "underperform" from "sector perform" on high capex, declining production in its largest field Johan Sverdrup from Q1 2025 onwards

** It notes Aker BP's ambition to grow dividend by 5% yearly, but expects it to remain unchanged as debt moves marginally higher

COMPANY	NEW RATING	OLD RATING	NEW PT	OLD PT
Aker BP	underperform	sector perform	NOK 220	NOK 330
BP	sector perform	no change	GBP 525	GBP 550
Totalenergies	sector perform	no change	EUR 75	EUR 70
Repsol	sector perform	no change	EUR 14	EUR 16
Equinor	sector perform	no change	NOK 270	NOK 300
Exxon Mobil	sector perform	no change	$120	$135
Neste	sector perform	no change	EUR 21	no change
Saudi Aramco	sector perform	no change	SAR 32	SAR 36
Shell	outperform	no change	GBP 3,500	GBP 3,400
Eni	outperform	no change	EUR 18	no change
Galp Energia	outperform	no change	EUR 25	no change
Chevron	outperform	no change	$170	$180
Var energi	outperform	no change	NOK 44	NOK 53

Reporting by Anna Chaberska

</body></html>

RBC trims PTs on European, U.S. energy majors, cuts Aker BP to 'underperform'

관련 자산

최신 뉴스

Commerzbank’s UniCredit defences are built on sand

Who's who in top picks for European Commission

ECB October cut cannot be ruled out amid Fed pricing shift

Germany says Moldova could be next in line if Ukraine falls

Express Scripts sues FTC over drug pricing report, court documents show

XM 실시간 채팅