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OMV: shares rise after trading update.

(CercleFinance.com) - OMV shares are up 3.
9% at 49.9 euros after the Austrian oil and gas group delivered an above-forecasts third-quarter trading update.

OMV said its production reached 341,000 barrels of oil equivalent per day (kboe/d) over the quarter, compared to 339,00 in the second-quarter and 301,000 in the same period a year ago.

UBS analysts say that this number is 5% above their estimates, thanks to higher production in Norway.

"Production holds up much better than expected," the broker acknowledges in a report.

UBS adds that OMV will book a 90 million euros profit related to the settlement of Pearl Petroleum's dispute with Kurdistan, 60% of which has been received as dividend in the past quarter.

However, UBS maintains its "sell" rating on the shares, with a target price of 35 euros, saying that its valuation is roughly in line with other medium-size integrated oil firms.

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