Repsol: BarCap still 'Overweight' on stock - cuts target
(CercleFinance.com) - Barclays Capital (BarCap) has reinstated its "overweight" recommendation on the Repsol stock, while trimming its target price from 19.
5 euros to 19 euros in a sector report on major European oil and gas companies.
"The 38% fall in the Brent oil price over the course of just 12 weeks was not what we had expected and reflected the impact of a remarkable combination of political and economic factors on a market that had largely rebalanced," the broker points out, having cut its assumption for the price of crude oil to 60 dollars per barrel for 2019.
BarCap now expects that annual budgets are closer to the lower limits of target ranges, although it says that this still implies sufficient financial capacity to start or continue with share repurchases by certain sector players.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
5 euros to 19 euros in a sector report on major European oil and gas companies.
"The 38% fall in the Brent oil price over the course of just 12 weeks was not what we had expected and reflected the impact of a remarkable combination of political and economic factors on a market that had largely rebalanced," the broker points out, having cut its assumption for the price of crude oil to 60 dollars per barrel for 2019.
BarCap now expects that annual budgets are closer to the lower limits of target ranges, although it says that this still implies sufficient financial capacity to start or continue with share repurchases by certain sector players.
Copyright (c) 2019 CercleFinance.com. All rights reserved.