Aker BP ASA

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.
  • TickerDETNOR
  • ISINNO0010345853
  • ExchangeOslo Bors
  • SectorOil & Gas Producers
  • CountryNorway

Analysts

Jon Masdal

E&P Sector (DNB Markets) - Solid week, but all about next one

This week started off well for E&P companies, with oil prices up until Wednesday, followed by a drop to end the week. However, with the attacks in Saudi Arabia this weekend fears from last week are likely soon forgotten. Still, the Norwegian E&P companies had another solid week, with Equinor, AkerBP and DNO all outperforming peers. Other news included BP’s plans to sell oil projects to cut its carbon footprint, successful gas testing in Turkey for Equinor’s partner, a dry well for Equinor, and DNO’s announcement of a share buyback.

Jon Masdal

A good week for Norwegian E&P

In this report we take a look at market news, valuation of E&P companies, and commodity market drivers. This was a good week for E&P companies, with Equinor among the best performers after announcing a buyback programme, and with spot Brent having its best week since February. Other news included confirmation of earlier Sverdrup start-up, a dry well for AkerBP/DNO, and further news on Exxon’s NCS sale.

Christoffer Wang Bjørnsen ...
  • Helene Kvilhaug Brøndbo
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mats Bye
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Stefan Gauffin

Northern Lights

Jon Masdal

Aker BP (Buy, TP: NOK292.00) - In the DPS we trust; 10% 2021e yield

We have cut our 2019–2021e EPS by 12–22% on lower oil price estimates. The shares are trading at attractive levels on the guided 2020e and 2021e dividend yields of 9% and 10%, respectively, which we believe highlight investor concerns about the dividend’s sustainability. With strong production growth and free cash flow coverage post the capex period, we forecast a leverage ratio below its 1.5x NIBD/EBITDAX target at a USD60/bbl oil price. We maintain our BUY, but have cut our target price to NOK292 (320).

Moody's announces completion of a periodic review of ratings of Aker BP ASA

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Aker BP ASA. Global Credit Research- 16 Jul 2019. London, 16 July 2019-- Moody's Investors Service has completed a periodic review of the ratings of Aker BP ASA and other ratings that are associated with the same analytical unit.

Moody's announces completion of a periodic review of ratings of Aker BP ASA

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Aker BP ASA. Global Credit Research- 16 Jul 2019. London, 16 July 2019-- Moody's Investors Service has completed a periodic review of the ratings of Aker BP ASA and other ratings that are associated with the same analytical unit.

Aker BP ASA: Update to Key Credit Considerations

A detailed rationale for Aker BP's Ba1 stable rating reflecting a robust operating profile and moderate leverage tempered by projected negative free cash flow owing to sustained capex.

Aker BP ASA: Covenant Quality Pre-Sale Snapshot: $500m _% Senior Notes due 2024

Aker BP ASA’s (the “Company”) unsecured notes covenant package is “high-yield lite” under our criteria.

Aker BP ASA: Update to Key Credit Considerations

Aker BP's credit rating is underpinned by an increasing production profile translating into improving financial and liquidity metrics amid a more benign oil & gas price environment

Jon Masdal

E&P Sector (DNB Markets) - Solid week, but all about next one

This week started off well for E&P companies, with oil prices up until Wednesday, followed by a drop to end the week. However, with the attacks in Saudi Arabia this weekend fears from last week are likely soon forgotten. Still, the Norwegian E&P companies had another solid week, with Equinor, AkerBP and DNO all outperforming peers. Other news included BP’s plans to sell oil projects to cut its carbon footprint, successful gas testing in Turkey for Equinor’s partner, a dry well for Equinor, and DNO’s announcement of a share buyback.

Jon Masdal

A good week for Norwegian E&P

In this report we take a look at market news, valuation of E&P companies, and commodity market drivers. This was a good week for E&P companies, with Equinor among the best performers after announcing a buyback programme, and with spot Brent having its best week since February. Other news included confirmation of earlier Sverdrup start-up, a dry well for AkerBP/DNO, and further news on Exxon’s NCS sale.

Jon Masdal

Aker BP (Buy, TP: NOK292.00) - In the DPS we trust; 10% 2021e yield

We have cut our 2019–2021e EPS by 12–22% on lower oil price estimates. The shares are trading at attractive levels on the guided 2020e and 2021e dividend yields of 9% and 10%, respectively, which we believe highlight investor concerns about the dividend’s sustainability. With strong production growth and free cash flow coverage post the capex period, we forecast a leverage ratio below its 1.5x NIBD/EBITDAX target at a USD60/bbl oil price. We maintain our BUY, but have cut our target price to NOK292 (320).

Jon Masdal

Aker BP (Buy, TP: NOK320.00) - Q2: more than we asked for

Q2 was solid with EBITDA beating our and consensus numbers by 4%. With some tweaking of the guidance by management, we have made only limited 2019e adjustments, mainly related to lower opex per barrel for H2. We have lifted our NAV after the sizeable Liatårnet discovery; BUY and NOK320 target price maintained.

Jon Masdal

Aker BP (Buy, TP: NOK320.00) - Looking beyond Q2 to bright future

We are 2% below consensus on Q2e EBITDA (results due at 07:00 CET on 12 July) on slightly higher expenses. We do not expect the guidance to be updated with the results. We have lowered our target price to NOK320 (330) after updating our NAV for FX and lower oil and gas prices, but with the stock trading at a P/NAV of 1x, we reiterate our BUY.

1 director bought

A director at Aker Bp Asa bought 5,770 shares at 289.550NOK and the significance rating of the trade was 76/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board ...

Christoffer Wang Bjørnsen ...
  • Helene Kvilhaug Brøndbo
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mats Bye
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Stefan Gauffin

Northern Lights

Alexander Aukner ...
  • Frank Maaø
  • Jon Masdal
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Håkon Astrup ...
  • Jimi Lehtonen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mats Bye
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Jon Masdal
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Aker April 11th, 2019

In general, Aker BP is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 5, the board of directors seeks approval of the Company's remuneration guidelines. The proposed remuneration structure is not in line with ECGS' guidelines. ECGS therefore recommends to vote OPPOSE. Under ITEM 9, the nomination committee seeks approval of the (re-)election of the board of directors. In view of insufficient independent representation on the board, ECGS recommends to vote OPPOSE. Under ITEM 11, the board of directors seeks a...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EAFE inflecting, aided by strength in Japan Developed international (MSCI EAFE, local currency) is displaying a change in trend, bullishly inflecting topside its downtrend and putting an end to the YTD pattern of lower highs. Despite this incrementally positive development, our outlook remains neutral for MSCI EAFE as there are still many additional resistance areas the index needs to overcome before we would turn outright bullish... see chart below. • Japan: Not too late to add exposure. Improvements in Japan are leading broad developed int'l indexes higher. Last week we highlighted bu...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch