Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
  • TickerREP
  • ISINES0173516115
  • ExchangeMadrid Stock Exchange
  • SectorOil & Gas Producers
  • CountrySpain

Analysts

Allen Good, CFA

Crude-Market Fundamentals Continue to Tighten, but the Recovery Still Has a Ways to Go

Crude markets have tightened a good deal in recent months, as strong oil demand growth and supply issues have pulled forward the industry recovery by about a year compared with the outlook we published in April. Even so, 2017 fundamentals are far from robust from an oil price perspective, and don't appear supportive of prices moving much above the $50 per barrel threshold. Another large uptick in rig additions in the U.S. could be enough to eliminate near-term inventory draws altogether, which i...

The Energy Recovery

​The Energy sector seems to have slightly raised values in August. Despite a negative Quarter To Date Performance (-0.37%) the MTD is +1.73%. One of the most representative companies is the international REPSOL S.A.. The Spanish Group is an integrated global energy company with vast sector experience and it is located in areas of high energy potential such as Brazil, Russia and the U.S. We divide our report in 3 sectors:- Ratio summary- Peer group confrontation- Next 90/180 days share price movement forecasting using our proprietary “Evidence Based Performance Analysis”© approach

Allen Good, CFA

OPEC Cuts, U.S. E&Ps Drill: Our Oil Price Outlook Remains Unchanged

In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels per day, representing a reduction of up to 700 mb/d from current production levels of 33.2 mmb/d. Oil prices rallied on the news, but our view for continued low prices of $50/bbl in 2017 (detailed in our Aug. 26 report) remains unchanged, as we do not believe the potential reduction will have a meaningful sustainable impact on oil prices. While the lo...

Laurent ALBIE

Short term view - REPSOL SA : The rising moving average confirms our opinion.

In our previous short term analysis (29/09/2016), we were positive. We remain positive with a target at 13,6 € and an invalidation level at 12,43 €. The bullish trend unfolds. Arguments : - The ascending support has been reached, it causes the bounce. - Prices made a new...

Laurent ALBIE

Analyse court terme - REPSOL SA : La moyenne mobile, haussière, confirme notre avis.

Lors de notre dernière analyse court terme (29/09/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 13,6 € et un niveau d'invalidation à 12,43 €. La tendance haussière se poursuit. Arguments : - Le support ascendant est atteint, il cause le...

Repsol S.A.: Cost reductions underpin growth in earnings

CORPORATES CREDIT OPINION 29 June 2017 Update RATINGS Repsol S.A. Domicile Spain Long Term Rating Baa2 Type LT Issuer Rating Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Elena Nadtotchi 44-20-7772-5380 VP-Sr Credit Officer [email protected] Anke N. Richte

Repsol S.A. - June 2017 (LTM): Peer Snapshot

Peer Snapshot: Repsol S.A. - June 2017 (LTM) 11 August 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Dec-15 FYE Dec-16 LTM Mar-17

Repsol S.A. - September 2017 (LTM): Peer Snapshot

Peer Snapshot: Repsol S.A. - September 2017 (LTM) 18 December 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Sep-17

Repsol S.A.: Reduced cost and higher oil prices underpin earnings growth

Our credit view of Repsol S.A., reflecting its improved operating profitability in 2017 and its strengthened financials, which position the company strongly in the Baa2 rating category.

Repsol S.A.: Disposal of 20% stake in Gas Natural is credit positive

Disposal will further strengthen Repsol's key credit ratios thereby increasing the headroom in the Baa2 rating

Allen Good, CFA

Crude-Market Fundamentals Continue to Tighten, but the Recovery Still Has a Ways to Go

Crude markets have tightened a good deal in recent months, as strong oil demand growth and supply issues have pulled forward the industry recovery by about a year compared with the outlook we published in April. Even so, 2017 fundamentals are far from robust from an oil price perspective, and don't appear supportive of prices moving much above the $50 per barrel threshold. Another large uptick in rig additions in the U.S. could be enough to eliminate near-term inventory draws altogether, which i...

The Energy Recovery

​The Energy sector seems to have slightly raised values in August. Despite a negative Quarter To Date Performance (-0.37%) the MTD is +1.73%. One of the most representative companies is the international REPSOL S.A.. The Spanish Group is an integrated global energy company with vast sector experience and it is located in areas of high energy potential such as Brazil, Russia and the U.S. We divide our report in 3 sectors:- Ratio summary- Peer group confrontation- Next 90/180 days share price movement forecasting using our proprietary “Evidence Based Performance Analysis”© approach

Allen Good, CFA

OPEC Cuts, U.S. E&Ps Drill: Our Oil Price Outlook Remains Unchanged

In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels per day, representing a reduction of up to 700 mb/d from current production levels of 33.2 mmb/d. Oil prices rallied on the news, but our view for continued low prices of $50/bbl in 2017 (detailed in our Aug. 26 report) remains unchanged, as we do not believe the potential reduction will have a meaningful sustainable impact on oil prices. While the lo...

Allen Good, CFA

Repsol Posts Earnings Improvement While Boosting Cost-Savings Target

Repsol’s third-quarter adjusted earnings improved to EUR 307 million from EUR 159 million a year ago as the upstream segment losses narrowed, offsetting a decline in downstream earnings. The upstream segment reported a loss of EUR 28 million, much improved from the EUR 395 million loss it reported last year, on a combination of lower costs, reduced depreciation expense, and lower exploration expense, which offset a decline in commodity prices. Production increased to 671 thousand barrels of oil ...

Allen Good, CFA

Oil and Gas Sector Likely to Fare Well Under Trump Administration

For global energy markets, the potential knock-on impacts of a Donald Trump presidency could be meaningful in a few areas. With respect to U.S. oil and gas producers, we can say that the tail risk for regulation of hydraulic fracturing and methane emissions is now somewhat lower. Thus far, the Environmental Protection Agency has maintained that the systemic environmental impact of hydraulic fracturing is benign. A Trump-led EPA is less likely to reverse this view than a Hillary Clinton-led EPA. ...

1 director bought

A director at Repsol Ypf Sa bought 10,000 shares at 14.490EUR and the significance rating of the trade was 65/100. 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 boar...

Ahmed Ben Salem ...
  • Fatma Agnès Hamdani
  • Olfa Taamallah
  • Vincent Baron
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/06/2018

La scission de Costa, longtemps espérée, donnera naissance à deux leaders du secteur au Royaume-Uni. Quelques interrogations subsistent néanmoins, essentiellement sur la capacité de l’hôtellerie à financer seule sa croissance coûteuse et la possibilité/obligation de recourir à l’asset management. Malgré tout, le risk reward du titre nous parait attractif au vu des catalyseurs et de la valorisation relativement faible par rapport aux pairs. Achat et OC de 4900p maintenus. - - ...

Ahmed Ben Salem ...
  • Fatma Agnès Hamdani
  • Olfa Taamallah
  • Vincent Baron
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/07/2018

The long awaited spin-off of Costa will create two sector leaders in the UK. However, a number of questions persist, essentially on the hotel activity’s capacity to finance its costly growth alone and the possibility of, or need to, resort to asset management. In spite of this, the stock’s risk/reward profile looks attractive given the catalysts and a valuation that is relatively low compared with peers. Buy recommendation and target price of 4,900p maintained. Cf report published tod...

Ahmed Ben Salem

ODDO : Scénario de prix du pétrole relevé, cycle vertueux pour les majors

Nous relevons notre scenario de prix du pétrole de 58 à 72 $/b en 2018, de 60 à 70 $/b en 2019. Notre prix d’équilibre à LT passe de 60 à 65 $/b. Nous sommes 6% au-dessus du consensus. Nous augmentons nos OC de 8% en moyenne pour un potentiel de hausse aux alentours de 10%. Malgré la récente performance des majors, nous restons positifs sur le secteur et réitérons nos Achat sur RD Shell (nouveau Top pick, OC 2950p), Total (OC 59€) et Eni (OC 19 €) qui sont les mieux placés pour e...

Ahmed Ben Salem

ODDO : Oil price scenario raised and a virtuous cycle for the majors

We are raising our scenario for the oil price from $ 58/b to $ 72/b for 2018 and from $ 60/b to $ 70/b for 2019. Our long-term equilibrium price has risen from $ 60 to $ 65. Our estimates are 6% above the consensus. We are raising our target prices by an average of 8% for upside in the region of 10%. Despite the recent performance turned in by the majors, we remain positive on the sector and reiterate our Buy recommendations on RD Shell (our new Top Pick, target price 2,950p), To...

Ahmed Ben Salem ...
  • Harald Eggeling

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/06/2018

Nous relevons notre scenario de prix du pétrole de 58 à 72 $/b en 2018, de 60 à 70 $/b en 2019. Notre prix d’équilibre à LT passe de 60 à 65 $/b. Nous sommes 6% au-dessus du consensus. Nous augmentons nos OC de 8% en moyenne pour un potentiel de hausse aux alentours de 10%. Malgré la récente performance des majors, nous restons positifs sur le secteur et réitérons nos Achat sur RD Shell (nouveau Top pick, OC 2950p), Total (OC 59€) et Eni (OC 19 €) qui sont les mieux placés pour en bén...

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...

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Repsol – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Repsol - AGM 30 May 2019

The Annual General Meeting will be held foreseeable on the second call on May 31st, 2019, at 12 p.m.  The re-election of the Chairman is proposed in item 10.  Mr. Antonio Brufau Niub has served on the Board since 1996 and has been Chairman for fifteen years. Prior to serving as Chairman, he served as CEO of the Company and Executive Chairman. There are concerns that his fixed fees of EUR 2.5 million per year imply that he continues to perform some executive functions.  Furthermore, ECGS guidelines do not support the appointment of a former CEO as Chairman.  This can undermine the Boardns supe...

Laurent ALBIE

Short term view - REPSOL SA : The rising moving average confirms our opinion.

In our previous short term analysis (29/09/2016), we were positive. We remain positive with a target at 13,6 € and an invalidation level at 12,43 €. The bullish trend unfolds. Arguments : - The ascending support has been reached, it causes the bounce. - Prices made a new...

Laurent ALBIE

Analyse court terme - REPSOL SA : La moyenne mobile, haussière, confirme notre avis.

Lors de notre dernière analyse court terme (29/09/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 13,6 € et un niveau d'invalidation à 12,43 €. La tendance haussière se poursuit. Arguments : - Le support ascendant est atteint, il cause le...

Laurent ALBIE

Analyse court terme - REPSOL SA : Le support est atteint, il cause le rebond.

Lors de notre dernière analyse court terme (22/11/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 13,6 € et un niveau d'invalidation à 12 €. Le seuil d'invalidation est proche, mais il n'est pas encore déclénché, nous conservons notre avis....

Laurent ALBIE

Short term view - REPSOL SA : The support has been reached, it causes the bounce.

In our previous short term analysis (22/11/2016), we were positive. We remain positive with a target at 13,6 € and an invalidation level at 12 €. The invalidation level is close, but it has not yet been triggered. We remain positive. Arguments : - The support has been reached,...

Valérie GASTALDY

Medium term view - REPSOL SA : Reversed head-and-shoulders

The trend is still bullish, the invalidation level is below €11.500. The target is at €15.800.Arguments :- The major support has been reached, it causes the bounce.- The rising moving average confirms our opinion.- Prices have pulled back to the reversed head-and-shoulders...

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